Tesla Gets Price Target Boost To $350 As Wedbush's Ives Foresees EV Giant Regaining $1 Trillion Market Cap In 2024
Portfolio Pulse from Shanthi Rexaline
Wedbush analyst Daniel Ives has reiterated an Outperform rating on Tesla (TSLA) and raised the price target from $310 to $350, based on expectations of electric vehicle share gains and margin stabilization in 2024. Ives predicts Tesla will regain its $1 trillion market cap in 2024. He commends Tesla's strategy, especially in China, and anticipates a record fourth-quarter volume there. Ives also sees potential in Tesla's full-self-driving package and Supercharger network, comparing Tesla's current position to Apple's in 2008/2009. Meanwhile, he notes a potential tempering in the EV transformation of General Motors (GM) and Ford (F), with rumors of Ford slashing its F-150 Lightning production from 2024.
December 22, 2023 | 5:14 am
News sentiment analysis
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NEGATIVE IMPACT
Ford is rumored to cut its F-150 Lightning production from 2024, which could affect the company's position in the EV market and investor sentiment.
The potential reduction in production of a key EV model like the F-150 Lightning could be seen negatively by investors, possibly leading to a short-term decline in stock price.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 70
NEUTRAL IMPACT
General Motors may see a tempering in its EV transformation, according to Wedbush analyst Daniel Ives, which could impact investor sentiment.
The mention of General Motors' potential slowdown in EV transformation is speculative and may not have a significant short-term impact, but it could influence investor perception.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Wedbush analyst Daniel Ives raised Tesla's price target to $350 and maintains an Outperform rating, expecting market cap to reach $1 trillion by 2024 due to EV share gains and margin stabilization.
The price target increase and positive outlook from a reputable analyst like Daniel Ives can lead to increased investor confidence and potential stock price appreciation in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100