Canaccord Assumes Coverage of Tesla TSLA with Buy Rating & $801 PT, Sees it as EV Leader

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Canaccord analyst George Gianarikas assumed coverage of Tesla with a Buy rating and $801 price target. He sees the demand for electric vehicles continuing to grow and believes that Tesla will continue to be the leader in EVs.

Gianarikas previously worked at Baird, with analyst Ben Kallo on the “sustainable energy and mobility” team, but moved to Canaccord, according to Barron's. Kallo currently has a Buy rating on Tesla stock and has a price target of $1,108.

With the new Buy rating for Tesla from Canaccord, about 53% of analysts covering Tesla stock rate shares Buy. That’s the company’s highest Buy-rating ratio since 2015 and is just below the average Buy-rating ratio for stocks in the S&P 500 of about 58%. About 23% of analysts covering the stock rate it Sell.

The second quarter was tough for Tesla as its shipments fell due to the COVID-19 lockdown in China. This has encouraged some analysts to have more restrained price targets, but expectations of upside potential have not abated. Firms see Tesla as the market leader in electric vehicles. Although the competition is growing, other manufacturers cannot catch up to Tesla. In addition, the company is not only ramping up production, but solving problems in autonomous driving, artificial intelligence, and computing services, which will undoubtedly give it a huge boost in the future.

H/T @SawyerMerritt/Twitter

© 2022, Eva Fox | Tesmanian. All rights reserved.

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