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Tesla Gets a Pre-Earnings Price-Target Upgrade From Wedbush

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Five hundred bucks a share.

That's where influential Wedbush Securities analyst Daniel Ives sees Tesla's  (TSLA) - Get Free Report stock price one year out.

Tesla kicked off the trading week in higher gear on Monday after Ives raised his price target ahead of the electric vehicle maker's third-quarter earnings numbers due out later this week.

Ives reiterated his neutral rating on Tesla’s stock, which he has had in place since April 2019, but boosted his one-year price target to $500 from $475 ahead of Tesla’s third-quarter results, which are expected to show earnings of 55 cents a share on sales of $8.28 billion. Tesla will release its latest results after the closing bell on Wednesday.

“Tesla's improved manufacturing efficiency and shining Giga 3 success in China will be on full display later this week and lead to another strong bottom-line performance which should beat the Street in our opinion," Ives wrote.

"In terms of overall unit demand heading into year-end we believe Tesla is on pace to impressively achieve in the area code of 500k units for the year, a line in the sand that was a pipe dream six months ago as Tesla (and other auto players) have navigated this unprecedented COVID backdrop," Ives said.

Tesla earlier this month said it delivered a record 139,300 vehicles in the third quarter, topping analysts’ expectations of 136,000. More than 124,000 of those vehicle deliveries consisted of the Model 3 and Model Y.

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