Tesla (TSLA) opened Friday with losses as the market experienced increased volatility, immediately following a week of the meteoric rise of highly-shorted stocks like Gamestop (GME) and AMC (AMC).
Despite the losses, Argus Research’s Bill Selesky said on Friday that the firm had boosted its price target for Tesla to $1,010, from the prior $777, while retaining a ‘buy’ rating on the stock, as reported by The Street.
Selesky said, “We also believe that Tesla is well positioned to expand in the Chinese market and further believe that the incoming Biden Administration will offer rebates and new tax incentives to encourage consumers to buy EVs, which we think favors Tesla versus all the rest.”
Tesla stock is worth $950 or $125 depending on which analyst you ask. Wedbush’s Dan Ives sees China driving Tesla’s annual EV deliveries above 1 million by 2022. Yet a GM JV led China Dec EV sales at 34,720 vs Tesla 25,463. BYD was close 3rd at 20,753.
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Even after Tesla reported its Q4 2020 earnings as not reaching its goals, Wedbush’s Dan Ives told The Street, the company could be on the horizon of a $2 trillion market, with a dominant position going in.
Still, Ives expects that other EV companies, especially in the Chinese market, may also become major players in the years to come, but without the leverage and positioning that Tesla currently has.
Earlier this month, Oppenheimer raised its price target on Tesla to $1,036, making Argus the second firm to set Tesla’s target above $1,000.
Tesla’s shares were trading for $818.52 (-2.02%) mid-day Friday, with a market capitalization of $791.9 billion.
