It’s no surprise that Tesla’s stock has been skyrocketing over the past year. And some analysts think the company’s superior gains may not be over just yet.
On Sunday, Wedbush analyst Daniel Ives said Tesla’s (TSLA) Q4 results could blow street estimates away, according to Yahoo Finance. Tesla’s robust delivery numbers, combined with its cost-efficiency and tax credits, have Ives particularly bullish about the company, ultimately maintaining his neutral rating, along with a $950 price target.
Ives said, “after a bull run for the ages Tesla’s stock could continue to be range bound until the Street gets a better sense of the growth trajectory for Model 3/Model Y unit volumes for 2021.”
He continued, “In our opinion, despite the historic run we have seen in tech stocks over the past year, there is significant room to run higher as the transformational growth stories in cloud, cyber security, and 5G are just starting to play out in the field.”
According to Ives, tech stocks still may grow another 25% in 2021, despite the major gains the same stocks have seen in the past few years. This statement includes Tesla, which has been called a “tech on wheels” company by analysts in the past.
Tesla’s shares are currently trading at $859.69 (+1.54%) with a market capitalization of $802.53 billion. The EV company is set to announce its Q4 2020 earnings on Wednesday.
