Tesla TSLA Gets $1,250 Bull Case Target "Right now in the EV market it's Tesla's world," Says Wedbush

Tesla TSLA Gets $1,250 Bull Case Target "Right now in the EV market it's Tesla's world," Says Wedbush

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Wedbush analyst Daniel Ives raised Tesla's (NASDAQ: TSLA) 12-month price target to $950 from $715, and set a bull case target at $1250, writing that "right now in the EV market it's Tesla's world and everyone else is paying rent."

Tesla got support from Ives, who raised his stock price target by 33%, writing in a note to investors that the company will surpass one million deliveries in 2022, and could approach five million deliveries per year by the end of the decade. He wrote that, while competition is growing, Tesla remains "the top of the EV mountain."

“As such, we have significantly raised our forecasts with our expectations that Tesla now exceeds the 1 million delivery threshold in 2022 and could start to approach 5 million deliveries annually by the end of the decade if global EV demand continues at this pace."

Ives predicts that EVs could reach 5% by the end of this year and 10% by 2025, which will play an important role. He wrote that, by 2022, about 40% or more of Tesla's sales could come from China, followed by Europe and the U.S.

“We believe overall that EVs, which make up 3% of global auto sales today, could reach 5% by the end of 2021 and 10% by 2025.

“We believe that the China growth story is worth at least $ 100 per share in a bull case to Tesla as this EV penetration is set to ramp significantly over the next 12 to 18 months, along with major battery innovations coming out of Giga 3.”

Despite the fact that "there are 150+ automakers aggressively going after the EV opportunity globally, right now in the EV market we believe it's Tesla's world and everyone else is paying rent."

Ives also wrote that Joe Biden's presidency and a Blue Senate support the development of companies such as Tesla and other EV manufacturers. This is what could potentially be a game-changer for Tesla and the entire electric vehicle sector in the US.

© 2020, Eva Fox. All rights reserved.


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Eva Fox holds zero shares of Tesla, Inc., and currently (at the time of this article's publishing) holds zero options or securities in Tesla Inc. and/or its affiliates.

About the Author

Eva Fox

Eva Fox

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.

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