Photo: MarketWatch
With Tesla’s 2021 annual shareholders meeting under its belt, some analysts are seeing the company’s potential increase as it prepares for a continued uptick in car sales and products overall.
Canaccord Genuity analyst Jed Dorsheimer has raised his price target on Tesla (TSLA) from $768 to $940, according to a note shared on Friday (via @SawyerMerritt).
In addition, Dorsheimer has reiterated a “buy” rating on the stock, emphasizing the company’s brand loyalty, the ramp-up of its 4680 cells and its solar energy storage options as reasons why the company is not highly valued enough.
BREAKING: Canaccord Genuity analyst Jed Dorsheimer raised the price target on $TSLA to $940 (from $768) while maintaining a Buy rating. pic.twitter.com/MGqQ4TCCN5
— Sawyer Merritt 📈🚀 (@SawyerMerritt) October 8, 2021
In the note, Dorsheimer wrote, “We see upside to the stock based on strong delivery numbers and increased gross margin from Model S and Made-in-China Model 3/Y.”
Dorsheimer continued, “Being so close to the quarterly report, we are increasing our multiple to represent our sentiment on Tesla going into the quarter, and will update our model afterwards.”
Writing on the company’s products, Dorsheimer says the firm’s stance is focused on Tesla’s Apple-like brand and general ecosystem, based on Elon Musk’s three pillars of renewable energy generation, battery storage and electrified transport.
At the time of writing in late trading hours on Friday, Tesla’s (TSLA) shares were trading at $786.16 USD (-$7.45), down just 0.85 percent from the day’s market open. Yesterday, Tesla shares breached $800, signalling the stock’s willingness to possibly reach another all-time high in the $900 range.
