Argus Research raised its price target for Tesla (NASDAQ: TSLA) shares on Tuesday, boosting it to $1,313 from $1,010 and reaffirming its buy rating. The firm considers the company the "undisputed leader" in the industry, even in the face of "growing competition."
Following Wedbush, Argus Research is also showing a confident optimism and outlook on Tesla stock. The firm has raised its price target to $1,313 from $1,010 as it believes Tesla is a clear leader in the increasingly competitive electric vehicle market.
"Our revised target price of $1,313 implies a return of approximately 30% from current prices," Argus says in a note. "We are raising our 2021 EPS estimate to $6.16 from $5.67 to reflect our modestly higher revenue and Automotive segment gross margin assumptions." "We are also raising our 2022 EPS estimate to $8.66 from $7.68, implying 41% growth from our 2021 estimate," the firm continued.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.