Loup Ventures co-founder Gene Munster said Tesla's (TSLA - Get Report) Model 3 has value and technology that can "change the world" and universalize electric and autonomous cars over the next 10 years.
"We believe we will eventually look back at the launch of the Model 3 and compare it to the Apple's (AAPL - Get Report) iPhone, which proved to be the catalyst for the shift to mobile computing," Munster said.
The Model 3 will "advance us to a new paradigm in transportation, car ownership, ride hailing, city development and energy usage," Munster said. He noted that it's only about 13% more expensive to own a Model 3 compared to a Toyota Camry over a five-year period.
The Model 3 is set to jump start Tesla's stock, Munster said.
Shares of Tesla were down 10% to $316.48 on Thursday morning.
What's Hot On TheStreet
Apple is OK for the time being: For those silently worrying how the Apple (AAPL - Get Report) iPhone 8 will sell, simmer down -- the tech giant still has several huge advantages. On the hardware side, for instance, the iPhone still feels ahead of the pack thanks not only to Apple's design skills and the visible features of its hardware, but also what's under the hood points out TheStreet's tech columnist Eric Jhonsa. From the looks of things, the iPhone 8 should extend that lead, Jhonsa predicts.
Tesla is looking wobbly: Tesla (TSLA - Get Report) shares are looking a little shaky (again) after its Model S didn't get a top rating from Insurance Institute for Highway Safety (IIHS), reports TheStreet's James Skinner. The IIHS cited issues with the small overlap front test, which is meant to simulate crashes into trees, poles and other vehicles, as why the Model S did not receive the highest rating. IIHS Executive Vice President David Zuby said the front test remains a "hurdle" for some vehicles.
"Tesla made changes to the safety belt in vehicles built after January with the intent of reducing the dummy's forward movement," IIHS said. "However, when IIHS tested the modified Model S, the same problem occurred, and the rating didn't change."
Costco finally scores some good news: After watching its stock crash about 13% inside a month thanks to fears Amazon (AMZN - Get Report) and Whole Foods (WFM) will dominate society, Costco (COST) scored a nice win. Costco said same-store sales in June rose 6.5% in June. Canada saw sales up 3.2%, while international sales rose 6.2%.
The numbers should serve as a reminder how resilient Costco's business has been in the face of Amazon's rise.
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