Canaccord Genuity analyst Jed Dorsheimer said on Monday that Tesla (TSLA) could “radically” change the battery power market with its impressive technology and increased production capacity, according to The Street. Dorsheimer also said that the company is moving toward an “Apple-esque ecosystem,” but for energy products in particular.
Dorsheimer also went on to say that Tesla’s successful mass-market EV production will give it the chance to “attack and conquer another trillion-dollar market in energy generation and storage.” Following the statements, Tesla’s shares rose 3.7% in pre-market trading on Monday.
Alongside the statements, Dorsheimer raised his rating of Tesla from “hold” to “buy,” boosting his price target to $1,071 per share, an increase of about 155% from his previous target.
To be sure, it isn’t the first time Tesla has been compared to Apple. Last year, Morgan Stanley pointed out that Tesla’s move to subscription-based services was straight from the playbook Apple CEO Tim Cook used to make the company the world’s most significant tech company.
Today, Tesla charges monthly subscription rates for things like its Autopilot and Full Self-Driving (FSD) beta systems, along with a slew of other ongoing revenue streams. The company is also expected to justify its valuation through the use of Robo-Taxis, once the FSD system has become mature enough to work without drivers.