Tesla (TSLA) is dominating the electric car manufacturer market, so naturally, it gets to dictate the industry a little bit.
On Thursday, Wedbush analyst Daniel Ives explained to a CNBC reporter that he believes Tesla has much more room to grow, Especially with Battery Day coming up so quickly.
Ives told the reporter, “In the EV market, it’s Tesla’s world and everyone else is paying rent.” He continued, “And they’re doing this out of a position of strength.”
“[Wedbush’s] Dan Ives has a bull case price target on Tesla of $700 a share.”
— Tesla New York (@TeslaNY) September 1, 2020
Ives raised his bull case price target for Tesla to $700, citing the “million-mile battery” that is expected to be unveiled at Tesla’s upcoming Battery Day event as his reasoning for doing so. He also expressed the fact that this new battery could be sold to other companies, which would add an entirely new revenue stream to the already-successful EV giant.
The reporter also shared that many other EV companies were out to get Tesla, but Ives expressed that this “target on their back” would not necessarily be enough to stop the company from succeeding, and potentially even reaching the bull case price target.
At the time of writing, Tesla’s stock is selling at $414.77 USD, down 7.14% from yesterday, a continuing slide after reaching record-highs since its 5-to-1 stock split.
