TECH - Tesla Gets Price Target Boost To $350 As Wedbush's Ives Foresees EV Giant Regaining $1 Trillion Market Cap In 2024 | Benzinga
Tesla, Inc. (NASDAQ:TSLA) received a price target boost even as the stock struggles to find any decent momentum to break out of its current trading range.
The Tesla Analyst: Wedbush analyst Daniel Ives reiterated an Outperform rating on Tesla shares and raised the price target from $310 to $350.
The Tesla Thesis: The optimism over Tesla stock is based on the increasingly bullish view of further electric vehicle share gains and margin stabilization in 2024, Ives said in a note. The analyst said he sees Tesla hitting the $1 trillion market cap in 2024 despite Wall Street’s skepticism.
Tesla’s market cap peaked at $1.24 trillion in early January 2022 and has fallen sharply since then amid the broader market retreat during the year. At Thursday’s close, the EV pioneer’s market cap stood at $809.04 billion.
Chart Courtesy of YCharts
The Street’s bear narrative for Tesla in 2023 was erosion in demand and intensifying competition across the board, the analyst said. “Instead Musk made a poker move for the ages and cut prices globally with China front and center to catalyze volumes/units which should now impressively be in the 1.8 million range for 2023,” Ives said.
Additionally, the ...