Tesla Stock Pops After Record Q1 Deliveries; New $1,000 Price Target by Wedbush

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Wedbush Securities has been known to take a rather bullish approach to Tesla (TSLA) and its stocks, and a recent update has upgraded the company immediately following better-than-expected Q1 deliveries.

On Sunday, Wedbush raised Tesla’s (TSLA) price target to $1,000 from $950, with a bull-case price of $1,300 per share, according to Market Watch. While the company’s shares closed at $661.75 on Thursday (since the market was closed Friday), Monday’s premarket saw Tesla’s shares rise almost 8%.

Along with the change, Wedbush analyst Daniel Ives upgrade his rating from hold to outperform. In a note, Ives said, “In our opinion, the 1Q delivery numbers released on Friday was a paradigm changer.”

Tesla reported its first-quarter deliveries on Friday, smashing goals with a total of 184,400 deliveries, surpassing previous estimates as low as 168,000 set by companies like FactSet. Wedbush predicted last week that Tesla’s Q1 2021 deliveries would top Wall Street’s estimates.

In the next three to four years, Ives and the team at Wedbush see Tesla’s profitability increasing significantly, especially as the company continues to refine its Full Self-Driving (FSD), as well as its other ambitious plans.

Wedbush also believes that Tesla’s deliveries could exceed 850,000 by the end of 2021, and maybe even reaching as high as 900,000.

At the time of writing, Tesla’s (TSLA) shares are trading at $696.89, up 5.31% since the market opened Monday.

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