After Wedbush correctly predicted Tesla’s stock would hit four digits heading into 2022, the company has joined other investing firms in increasing bull estimates on the company.
Jefferies analyst Philippe Houchois raised his price target on Tesla to $1,400 from $950 on Sunday, also increasing his bull case price target to $1,600 (via @Sawyer Merritt).
The increase marks a 47 percent rise, with Houchois citing Tesla’s continued domination over other brands in the EV sector, saying they’ve gone from a “conceptual to a tangible threat.”
BREAKING: Jeffries analyst Philippe Houchois has raised his $TSLA price target 47% to $1,400 (from $950). His bull case is $1,600.
"Tesla looks more scaled up today than most OEMs and in position to turn the Legacy zero-sum game into a negative one." pic.twitter.com/aNARjNLkBu
— Sawyer Merritt (@SawyerMerritt) November 8, 2021
In a note to investors, Houchois wrote, “with an acceleration of self-funded growth in Q3 and un-heard-of returns at a brand price point moving towards volume segments, Tesla looks more scaled up today than most OEMs and in position to turn the Legacy zero-sum-game into a negative one.”
In addition, Wedbush analyst Daniel Ives reiterated an Outperform rating on Tesla, alongside its $1,100 price target on the company’s stock, with an increase in his bull case price target to $1,800 from $1,500, the highest on Wall Street (via @SawyerMerritt).
Ives called Tesla’s presence in China the “linchpin to the overall bull thesis on Tesla,” saying that it’s likely to account for as many as 40 percent of Tesla’s deliveries in 2022. Ives also said that Tesla’s demand trending so aggressively following PR issues in the Chinese market testify to the company’s potential to continue increasing sales in the market.
According to new data from the China Passenger Car Association (CPCA) on Monday, Tesla sold 54,391 China-made vehicles in October, which included 40,666 for export (more on this to follow).
