Goldman Sachs analyst Mark Delaney raised his price target on Tesla to $1,200 from $1,125 on Monday, citing the automaker’s “robust Q4 deliveries” as a sign of future growth, according to The Street.
In addition, Goldman Sachs called Tesla a “Top 2022 Pick,” emphasizing the company’s vertical integration of both software and hardware in its cars, and its Supercharger charging network.
Delaney and Sachs also noted Tesla’s solar and energy storage endeavors as areas with great growth potential.
In a note to investors on Monday, Delaney wrote, “We believe that Tesla, given its leadership position in EVs, and its focus on clean transportation more broadly will be best-positioned to capitalize on the long-term shift to EV.”
Delaney continued, “We expect Tesla to expand margins in the intermediate term as it ramps the important Model Y product as well as new factories in Berlin, Germany and Austin, Texas, and in the long-term as it increases its mix of software revenue. We see upside consensus to FactSet estimates in the next few years.”
Tesla’s Gigafactory Texas is also expected to begin production of the Model Y SUV within the next week or two, according to Wedbush’s Daniel Ives.
At the time of writing during market open on Monday, Tesla’s shares were trading for $1,024.69 (-$2.27) down 0.22 percent on the day.
