$2,000 on Near-Term Horizon For Tesla Stock, Says Analyst
Tesla on Friday announced that its long-awaited and highly anticipated “Battery Day” will be held on September 22, the same day as its 2020 annual shareholder meeting, in its Fremont, California, factory, and such technology could see Tesla stock hitting the $2,000 USD mark, according to one analyst.
The day will likely be “a major positive catalyst for the stock,” Wedbush analyst Daniel Ives wrote in a Sunday note, adding that he believes CEO Elon Musk will announce new potential “game changing” battery developments.
Although it’s early, a Wedbush analyst gave their take Monday on how the event will impact Tesla shares, which are already trading at a record high — and what can be expected out of the event.
“Musk & Co. are slated to announce a number of new potential game changing battery developments,” Ives wrote in a Sunday research report. He’s expecting a million-mile battery announcement, among other enhancements. A million mile battery would last, well, 1 million miles — through all weather and charging cycles — representing “a major step forward when competing versus traditional gasoline powered automotive competitors.”
In light of the announcement, Ive’s called in to Bloomberg to state that such an incredible technology could potentially propel Tesla stock to the $2000 USD mark.
“Right now, $2,000 could be on the near-term horizon for the stock, despite some of these COVID stormclouds,” said Ives.
The automaker is set to report its second quarter earnings on July 22, and if the company reports positive earnings, it will mark the fourth consecutive quarterly profit for the automaker — an incredibly important requirement for it to considered for inclusion in the S&P 500 index.
Check out Ives’ entire interview here.