Photo courtesy of Tesla, Inc.

Tesla (NASDAQ: TSLA) receives a boost of rating and price target from Canaccord. The firm said Tesla's innovations in battery innovations, cell design, and auto structural integration will increase its advantage over competitors.

Canaccord analyst Jed Dorsheimer pointed out that Tesla is poised to "radically" transform the battery market with its advanced technology and manufacturing facilities. The successful transition to mass production of electric vehicles, which the company is constantly demonstrating, will allow it to "attack and conquer another trillion-dollar market in energy generation and storage."

As a result, the firm raised its Tesla rating to "Buy" from "Hold" and boosted its price target by 155%, to $1,071 per share from $419. Dorsheimer referred to similarities between Apple's "Think Differently" campaign and Tesla's power and storage ambitions.

"As traditional OEMs rush to buy themselves into the EV megatrend, they can be deemed the late majority," said the analyst. "Tesla has positioned itself as The Brand in energy, and as its solar and energy storage products supply constraints are removed, consumers will be able to become more entrenched in its electrification ecosystem."

"Consumers rave about the in-car software of Tesla and the ease of connectivity," Dorsheimer added. "We expect this consumer/product interaction and admiration to intensify as consumers add solar generation and Powerwall storage products, mimicking the all-encompassing Apple product ecosystem."

Source: The Street

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