Over the course of the past month, Tesla’s stock ($TSLA) has been skyrocketing with no signs of coming back down. Recent news of this has the electric vehicle (EV) giant making another major jump before the month’s close.
On Wednesday, Jefferies Financial more than doubled its target price of Tesla’s stock, from the previous $1,200 to $2,500, as reported by CNBC. The move comes on the tail of several similar target price increases, and it shows Tesla’s enduring strength as Q3 drags on.
Other stock analysts like Dan Ives (Wedbush) and Morgan Stanley have also named high bargaining target prices for Tesla, setting their bull case highs at $3,500 and $2,636, respectively. The growing confidence stock analysts are finding in Tesla’s business is no accident, and they’re riding the high prices this Q3.
Tesla $TSLA Price Target Comparison
Jefferies ———- $2500
Wedbush ——— $3500 (Bull Case)
Morgan Stanley — $2,636 (Bull Case)
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Gordon Johnson — $87
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Jefferies shared that we’re “still early in the transformation of the auto industry,” giving light to the firm’s decision to raise this target price. In a note, analyst Philippe Houchois posited that even though Tesla may not remain hyper-dominant over the EV industry in the coming years due to growing competition, the company’s presence in software and battery capacity will continue to give it the advantage.
Whatever the case may be, Tesla’s stock prices are on a roll right now, and with Battery Day upon the horizon, we can probably expect to see even more changes in Tesla’s stock price through the end of the year.
As of writing, Tesla is trading at $2,113.62, up 4.46% as of writing.
