Tesla stock price to return to $300 per share quickly, says the Principal at Fitz-Gerald Group. He thinks that Elon Musk transforms everything he touches, so betting against him is not wise.
Tesla and Elon Musk received support and praise from Keith Fitz-Gerald, Principal at Fitz-Gerald Group in an interview with CNBC’s “The Exchange.” He said Tesla's story is only just beginning, and Musk himself has a unique ability to transform every industry he touches, so it is not wise to bet against him.
“Anybody betting against Elon Musk might as well [have] been betting against Steve Jobs back in the day,” the analyst said. “We know how this is going to play out. He unleashes just incredible transformation in every industry he touches. He is not getting stopped anytime soon, he's got enough money to do what he wants, he's got a clear vision,” Fitz-Gerald added.
Fitz-Gerald's price target on Tesla is $300, which reflects a 54% upside potential from the current level. The analyst thinks that the stock will return to this level much faster than anyone thinks. Friday's closing price was $196.89 per share. “I think it goes back to $300 a lot quicker than people think,” he said.
After surging above $200 on Thursday, Tesla's stock fell around 5% on Friday. Asked why not take profits now or when the stock price hits $250 or $280, Fitz-Gerald said it depends on the individual's risk tolerance and profit goals.
“I’m a big fan of when you have a double, you take half off and let the remaining shares run for free. Now you paid for your initial investment, you are still in the game, and you can continue to add more later if you want,” he said.
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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.