Tesla (NASDAQ: TSLA) received a $940 price target from Canaccord after the Annual Shareholders Meeting, a testament to the firm's confidence in the manufacturer.

There are currently 40 analysts covering Tesla with an average 12-month target price of $692.76. Out of the 40 analysts, 11 have strong buys, 6 have buys, 13 analysts have hold ratings, 6 have sells and 4 have strong sell ratings. The street high sits at $1,591 from Elazar Advisors while the lowest comes in at $67, according to The Deep Dive.

On October 8, Tesla held the Annual Shareholders Meeting, at which it shared its development plans with shareholders. The company spoke about:

• Moving Tesla's headquarters to Austin Texas
• Cybertruck likely to start production in 2022 and reach volume production by 2023
• Telsa has no plans to issue a stock dividend
• Expects to increase production at the Fremont facility by 50%
• Telsa won’t start producing 4680 cells in Texas this year, but will see volume production by 2022
• Will announce a new plant next year

After the Annual Shareholders Meeting, Canaccord Genuity raised their 12-month price target to $940 from $768 and reiterated their buy rating on the stock.

The firm says that during the AGM, Elon Musk touched on some of Canaccord's key investment points, which are centered around Tesla creating an “Apple-esque brand and ecosystem of energy products.” Musk said that Tesla is founded on three pillars: renewable energy generation, battery storage, and electrified transport. So, Canaccord expects the production of 4680 cells, which will power all Model Ys produced at Giga Texas, by the end of 2022. This will free up 2170 cells for Powerwall and Megapack production.

© 2021, Eva Fox | Tesmanian. All rights reserved.

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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.