Tesla Deliveries Beat Leads Analysts to Lift Price Targets
(Bloomberg) -- Shares of Tesla Inc. rose as much as 6.3% Monday after three analysts lifted the electric-car maker's price target, including JMP Securities by 43%.
The boost to $1,500 from $1,050 comes after the Palo Alto-based company delivered more Model 3 and Model Y vehicles in the second quarter than JMP expected, analyst Joseph Osha said in a note.
“Our target is now based on our belief that TSLA is positioned to become a $100 billion company” by 2025, in terms of revenue, Osha said. At the end of last year, Tesla had $24.6 billion in revenue.
While data for deliveries in China haven't yet been released, the firm appears to have been more successful in the U.S. and Europe than JMP thought, Osha said. NIO Inc., Tesla's Shanghai-based rival, has been gaining ground. The company's U.S.-traded shares rose as much as 23% Monday.
Deutsche Bank analyst Emmanuel Rosner also raised Tesla's price target to $1,000 from $900, referencing the stronger-than-expected vehicle shipments.
Even bearish analyst Ryan Brinkman at JPMorgan boosted his price target by $20 to $295 and expects a second-quarter loss that's smaller than he previously estimated. He maintained his sell-equivalent rating, citing the company's “lofty valuation coupled with higher investor expectations and high execution risk.”
TSLA has 9 buys, 11 holds and 16 sell ratings, with an average price target of $730, according to data compiled by Bloomberg.
©2020 Bloomberg L.P.
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