Tesla Hits Another All-Time High, Wedbush Analyst Increases Price Target to $3,500

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It seems like each week this summer there’s been a new record broken by electric vehicle (EV) giant Tesla.

In this week’s edition of the EV company’s success, Wedbush analyst Daniel Ives has now increased his bull case price target on Tesla (NASDAQ: TSLA) from the original $2,500 to $3,500 (USD), citing Tesla’s strength and ongoing growth in the Chinese market.

In a note to his clients issued Monday, Ives wrote, “Model 3 demand out of China remains a linchpin of success and appears to be on a run rate to hit 150k unit deliveries in the first year out of the gates for Giga 3 which is driving some strength for Tesla as well as Model Y deliveries starting to ramp as well.”

The news comes just a week after Ives set Tesla’s price target at $1,900, signalling a major rally in the already-impressive run out the gates for Q3.

Ives expects that Tesla could gain $35 or more of earnings power by 2025 or 2026, vs. an earlier prediction of $20-$25 by that time. He also mentioned that he expects Elon Musk and Tesla to make major announcements on September 22 about “a number of potential game-changing battery developments.”

In any case, it’s safe to say that Tesla’s continued growth is starting to become more of a pattern than a trend.

The positive news for Tesla again sent the company’s stock to hit another all-time high, touching $2,129 per share. Tesla is currently down 0.28% and trading at $2,043.80 per share as of writing.

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