TSLA Stock Increases By More Than One Bearish Analyst's Price Target in Premarket Session
After reporting Q2 delivery and production numbers in premarket on Thursday,(TSLA) -Get Report stock traded more than $100 per share higher in the premarket trading session from Wednesday's closing share price, surpassing the entire price target of one bearish analyst in just a few hours.
Gordon Johnson, CEO and founder of GLJ Research, recently appeared on CNBC to discuss his $87 price target on Tesla stock. Johnson has been recommending to his clients to sell Tesla stock short for more than a year.
"When you think about this being a hyper-growth story, the numbest just don't pan out." - Gordon Johnson, June 29, 2020
TSLA's share price has increased by more than 400% since last year's share price on July 2, 2019 of $245.
While Johnson believes Tesla's growth story is over, Tesla CEO Elon Musk recently reiterated on Tesla's Q1 earnings call that he expects Tesla to continue to grow at a compound annual growth rate of roughly 50%.
"Well, it's always difficult to predict what the macro situation is going to be. I think very few people would have predicted the unexpected roundhouse that COVID came up with -- it sort of came out of nowhere. So I think in the absence of something, some massive force majeure event, something quite massive, I think 50% is the likely number. It's possible that is 40%. I would be very shocked, if it's less than 40%, even with force majeure, short of World War III." - Elon Musk on Tesla's future compound annual growth rate