OMG… Bank of America Securities analyst John Murphy upgrades his Tesla stock price target from $800 to $1,750, which is more than a 100% increase. Like seriously?.
Murphy upgraded Tesla stock rating from Underperform to Neutral claiming “the company’s “ever-increasing” stock price is “direct evidence” that Tesla has unfettered access to low-cost capital, which remains a key advantage that should be leveraged to accelerate growth.
The Reason Why BofA analyst John Murphy Raised Tesla Price Target
Murphy notes that his revised price target is before adjustment for Tesla’s 5-1 stock split that will be effective August 31.
This follows yesterday’s Morgan Stanley analyst Adam Jonas‘ upgrade of Tesla shares to Equal Weight from Underweight with a $1,360 target, raised from $1,050, seeing an increasing likelihood that Tesla will announce a vertically integrated battery supply business. According to Adam “Tesla Battery Day… could be a game-changer, and based on what we know so far, there is growing risk of Tesla becoming a new battery competitor armed with superior technology,” Jonas writes.