Elon Musk Is 'Heart And Lungs' Of Tesla, Says Wedbush's Dan Ives: 'This Is Just Starting'
Portfolio Pulse from Anan Ashraf
Wedbush analyst Dan Ives praised Tesla CEO Elon Musk, comparing Tesla's current position to Apple's in 2008 and predicting significant growth. Ives raised Tesla's price target from $310 to $350 and maintained an 'Outperform' rating. He forecasts Tesla reaching a $1 trillion market cap in 2024 and launching a sub-$30,000 EV. Tesla aims for 1.8 million deliveries this year and Ives estimates 25%-30% growth in unit-volume next year, with potential upside from Model Y sales in China and Europe.
December 23, 2023 | 6:45 am
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Wedbush analyst Dan Ives has raised Tesla's price target from $310 to $350 and reiterated an 'Outperform' rating. He views Elon Musk as integral to Tesla's growth and expects the company to reach a $1 trillion market cap by 2024. Tesla is targeting 1.8 million deliveries this year with a 25%-30% growth projection for the next year.
The positive remarks from a prominent analyst like Dan Ives, along with the raised price target and reaffirmed 'Outperform' rating, are likely to instill confidence in investors and could lead to a short-term positive impact on Tesla's stock price. The comparison to Apple's growth phase and the ambitious delivery targets further support a bullish outlook.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100