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Canaccord Raises Tesla's Past Target Price To $515

by Eva Fox January 02, 2020

Canaccord Raises Tesla's Past Target Price To $515

Canaccord Genuity Group Inc. is a global, full-service investment banking and financial services company that specializes in wealth management and brokerage in capital markets. It is the largest independent investment dealer in Canada.

Previous Canaccord price on Tesla shares was $375. Canaccord analyst Jed Dorsheimer said that Tesla has a growing business in China, where customers will start receiving Model 3 sedans on January 7, and its development in Europe will offset the slowdown in US sales this year, while Model Y production will increase Tesla's total capacity thanks to common platforms with reference Model 3. He raised the price bar for Tesla and expects deliveries in the Q4 2019 to bring in more than 360,000 units.

Jed Dorsheimer estimates Tesla shares will rise from its current price range of $ 418 to $ 515 in 2020.



“We believe the trend towards electrification will only accelerate in 2020,” he wrote. “While bears have feared demand issues as a function of tax credit expiration for Tesla, we suspect a solid Q4 combined with the robust Q3 should put these fears to rest and put to rest this issue as the credit expires."

"As Model 3s roll off Tesla's Chinese manufacturing facility with local subsidies intact, we believe the US-based focus will need to shift globally for the company. With deliveries beginning in China at the end of December, this market will be an important driver for the company in 2020. "

Tesla shares were marked 1.2% higher in pre-market trading Thursday, indicating an opening bell price of $423.36 each, a move that would extend the stock's six-month gain to around 88.5%

Tesla received a loan of $1.6 billion from a consortium of Chinese banks last month. The loan will help Tesla expand production at the Shanghai factory.

Tesla is also approaching the purchase of a 740 acre land in the German state of Brandenburg in order to build its European factory there.

Meanwhile, some analysts and critics of Tesla have changed their forecasts for the company in a positive direction. This is the best evidence of the success of the company. Tesla is one of the most volatile assets on the American market, as about 20% of the shares are in the hands of short sellers.

But despite this, Tesla once again proved to everyone its reliability. Soon we will know the results of the report for the Q4 2019. According to preliminary estimates, the number of deliveries should exceed 104,000 units, which will allow Tesla to fulfill the delivery plan for 2019 to bring 360,000 units. And the increase in price targets for Tesla shares testify to the strengthening of Tesla's reliability among financial analysts.

Featured image: Reuters



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