Tesla could soar 67% as it reaps the benefits of 'transformational consumer demand' for EVs in China, Wedbush says
- Despite recent setbacks,
Teslacould gain 67% from current levels by the end of 2021, Wedbush said.
- The firm's Dan Ives sees Tesla benefitting from demand in China soaring over the next two years.
- On Monday he reiterated his $1,000 price target for
The best days are still ahead for Tesla -not in the rear view mirror, Wedbush says.In a Monday note, senior technology analyst Dan Ives said that despite near-term speed bumps, he remains firmly bullish on Tesla and the broader electric vehicle theme. He reiterated his "outperform" rating and price target of $1,000, a nearly 67% jump from current levels.
"With China a linchpin to Tesla's global success and its Giga footprint a key advantage, the latest back and forth between Beijing and Tesla have clearly negatively impacted demand for Tesla in China for now," said Ives. " Now its about Musk playing nice in the sandbox and making sure that Tesla does not see any further stumbles in China which is poised to represent 40%+ of global deliveries by 2022."Additionally, new electric vehicle tax rebates in the US will be a catalyst for growth domestically, he said.
Tesla slipped as much as 1.4% premarket Monday as the EV maker announced it called off plans to build the Model S Plaid+, a longer-range version of its high-end sedan.Elon Musk tweeted on Sunday the Plaid+ is canceled because the Plaid is "just so good."
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