Five hundred bucks a share.
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.