Tesla Price Target Raised to $950 from Wedbush Securities

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Tesla has just received a price target raise from analyst Daniel Ives, Managing Director, Equity Research, at Wedbush Securities.

According to the research note (via StreetInsider), Ives has increased Tesla’s price target from $715 to $950, while his “bull case” has increased to $1,250, up from $1,000. Ives has maintained a neutral rating for Tesla.

The Wedbush analyst says electric vehicle (EV) demand for 2021 is being driven by China and estimates Tesla will surpass 1 million deliveries in 2022. Ives believes Tesla could near 5 million deliveries before 2030 if worldwide demand for EVs continues at today’s rate.

“We believe overall that EVs, which make up 3% of global auto sales today, could reach 5% by the end of 2021 and 10% by 2025,” said Ives, adding Tesla remains the top EV automaker.

As for Tesla in China, Ives explains it is “worth at least $100 per share in a bull case to Tesla as this EV penetration is set to ramp significantly over the next 12 to 18 months, along with major battery innovations coming out of Giga 3.”

Lastly, the New York City-based Wedbush analyst believes incoming President-Elect Joe Biden will bring growth to electric vehicles, moving forward.

Earlier this week, Ives discussed electric vehicles with TD Ameritrade, talking about Tesla and NIO. Check it out below:

YouTube video

Back in December, Ives said Tesla would “handily exceed” its 500,000 delivery goal in Q4 2020. Tesla’s early Q4 numbers were just shy of half a million, but final numbers are expected at the company’s upcoming earnings call set for January 27.

Tesla ended trading on Thursday at $845, down 1.1%; in after-hours, shares are up 0.35% as of writing.