Tesla got price target boosts from Wedbush and Piper Sandler.
Wedbush analyst Dan Ives raised the price target on Tesla to $475 from $380, but maintained a "neutral rating" on Tesla shares. Ives cited "clear momentum" for Tesla sales in China throughout the rest of the year and he cited Battery Day as a "linchpin event" for a loftier valuation.
TheStreet's Tesla Daily's Rob Maurer covered the Piper Sandler price target boost.
"We are upping our price target and reiterating our Overweight rating after analyzing two poorly-understood aspects of Tesla's business. These are: 1) the Energy segment and 2) Elon Musk's compensation," analyst Alex Potter wrote.
"We now expect Tesla Energy to eventually exceed $200B/yr in revenue, with TSLA controlling over 1/3 of the market for stationary batteries. We anticipate sharply higher demand for these products, particularly in the late 2020s and 2030s, as renewable energy grows toward 40% of electricity generation," he continued. "[Whenever] performance-based milestones are crossed, triggering another tranche of vested options, TSLA shareholders must endure sudden up-ticks in stock-based comp (SBC). This line item will be particularly burdensome in the next few quarters, with Tesla expected to book stock-based compensation of $1B+ in 2H20. SBC is a non-cash expense, but it does impact GAAP earnings, which is the preferred metric for inclusion in the S&P500."
Jim Cramer expects "Battery Day" to be bullish for Tesla. "There's always surprises when Elon Musk is involved," Cramer said.
Watch Cramer and Maurer break down everything to expect from Tesla's "Battery Day."