Tesla (TSLA) Price Target Raised to $560, Bull Case to $1,000 Says Wedbush

Wedbush analyst Daniel Ives Tesla (TSLA) has been bullish about the electric vehicle (EV) company’s performance throughout the fall, and his predictions have largely been right.

Monday morning, Ives and Wedbush made a bold push in the same direction, raising Tesla’s (TSLA) price target to $560 and raising its bull case to $1,000, as reported by Street Insider. Ives also maintained his rating of “neutral” for the company, expressing that the next 18 to 24 months would be significant with Tesla’s new factory in China and one in progress in Europe.

Ives said, “With the sustained path to profitability and S&P 500 index inclusion achieved, the Tesla bull story is now all about a stepped up EV demand trajectory into 2021.”

He continued, “Overall we are seeing a major inflection of EV demand globally with our expectations that EV vehicles ramp from ~3% of total auto sales today to 10% by 2025. We believe this demand dynamic will disproportionately benefit the clear EV category leader Tesla over the next few years especially in the key China region which we believe could represent ~40% of its EV deliveries by 2022 given the current brisk pace of sales with 150k+ deliveries in its first year out of the gates with Giga 3.”

At the time of writing, Tesla’s (TSLA) stock is worth $519.62, up 6.13% from its market close last week.