Tesla (TSLA) - Get Report shares were once again on the rise on Monday as analysts continued to drive forward their expectations for even better days ahead for the electric car maker ahead of its fourth-quarter earnings.
In a note to clients, Baird analyst Ben Kallo on Monday lifted his price target for Tesla to $728 a share from $488, saying "bias for the stock remains to the upside."
Wedbush Securities’ analyst Dan Ives, meanwhile, sees a “goldilocks” environment for tech stocks with the Biden administration, including Tesla, which Ives and other analysts see as benefitting from Biden’s promise to pivot toward clean and renewable energy sources.
Expectations that Tesla will continue to benefit from tailwinds related to demand for EVs as well as support for shifting consumers away from combustable engines earlier this month prompted Ives to raise his most-optimistic price-target scenario for Tesla to $1,250 and also lift his one-year price target to $950 from $751.
Tesla is expected to report earnings of about $1 billion, or $1.04 a share, on sales of $10.5 billion after the market closes on Wednesday, based on a FactSet survey of 22 analysts. That compares to earnings of $143 million, or 43 cents a share, and sales of $7.4 billion in the year-ago quarter.