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.
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