Deutsche Bank analysts raised the price target for Tesla (NASDAQ: TSLA), noting the company's positive trajectory in terms of battery technology, capacity, and especially cost.
Deutsche Bank raised its price target for Tesla shares to $1,200 from $1,000, expecting the company to benefit even more when the auto industry switches to electricity. The price hike comes as the firm sees Tesla's development of its own batteries significantly accelerating the world's transition to electric vehicles, further expanding the Texas-based manufacturer's lead. Deutsche Bank has also confirmed its buy rating on the stock.
“Tesla’s trajectory for its battery technology, capacity and especially cost could help accelerate the world’s shift to electric vehicles and extend Tesla’s EV lead considerably,” the analysts wrote in a commentary cited by Barron’s.
In addition, the firm raised Tesla's fourth-quarter earnings forecast to $2.46 per share from $2.22 and pushed their revenue estimate to $16.1 billion from $15.4 billion, seeing higher volume. Deutsche Bank estimates Tesla will deliver 282,000 units in the fourth quarter, up from 268,000 previously.
© 2021, Eva Fox | Tesmanian. All rights reserved.
_____________________________
We appreciate your readership! Please share your thoughts in the comment section below.
Legal Disclaimer --
This article is for informational purposes only. You should not construe any such information or other material as an investment, financial, or other advice. Nothing contained in this article constitutes a solicitation, recommendation, endorsement, or offer by Eva Fox, Tesmanian, or any third party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction.
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 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.
