Monday, June 07, 2021 3:23:51 PM
A top Wall Street analyst released a new report stating that he believes Tesla (TSLA) stock could soon rise to $1,000 per share on a ‘green tidal wave’ coming to the US and China.
As we reported last week, a report came out stating that Tesla’s net new orders are crashing in China due to recent bad press in the market.
Dan Ives, analyst at Wedbush Securities, issued a new note to clients about Tesla in which he stated that the electrification of China’s massive automotive market is just starting:
“Taking a step back, only 5% of auto sales in China are EV driven today and we believe this transformational consumer demand will see a doubling of EV deliveries in this key region over the next two years with Tesla a major beneficiary along with domestic pure plays NIO, Xpeng, Li Auto, and others,”
He believes Tesla will benefit from the accelerated electrification of the market in the next few years.
The analyst also notes that the impact of President Biden’s $174 billion plan to accelerate electrification in the US has yet to be realized.
At this point, we don’t even know all the details of the plan.
Ives was actually the first to report that the EV federal tax credit could go up to $10,000 in the reform of the program.
He was actually right since the latest bill proposed to reform the federal EV incentive included an increase to $10,000 for EVs made in the US and to $12,500 for EVs made in the US by union workers.
However, the bill hasn’t gone to a vote yet, and the final form of the EV tax credit reform is still unclear.
Wedbush reiterated a $1,000 per share price for Tesla’s stock.
Ives is one of the top Wall Street analyst according to Tip Ranks, an analyst ranking firm.
The Wedbush analyst ranked #79 out of 7,545 analysts on TipRanks with a 67% success rate and a 32% average return.
Electrek’s Take
I agree with Ives that we haven’t seen anything yet. Tesla’s troubles in China are going to look like child’s play when 40-50% of car buyers are going to be hungry for EVs.
Same thing in the US.
Tesla managed to get 80% of the US market last year without having access to the $7,500 tax credit while most competitors did.
Can you imagine how many it could sell if the buyers had access to a $10,000 incentive? Everything they can make, which is going to be a lot more in the US once Gigafactory Texas starts producing vehicles later this year.
While the automaker has some significant issues that it needs to address, especially when it comes to communications and customer service, any demand concerns are overblown, in my opinion.
Full disclosure: I am long TSLA.
Recent TSLA News
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/25/2024 11:48:42 PM
- U.S. Stocks Close Higher Again; S&P Posts Fresh Record Closing High • IH Market News • 09/24/2024 08:43:00 PM
- Visa Faces Monopoly Lawsuit; Meta Introduces Celebrity Voices for Chatbot; Stellantis on the Hunt for New CEO • IH Market News • 09/24/2024 10:15:50 AM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 09/23/2024 08:27:57 PM
- Apollo Eyes $5 Billion Investment in Intel; TSMC and Samsung Explore UAE Chip Projects, and More • IH Market News • 09/23/2024 10:32:25 AM
- Nike Shares Surge 7% Pre-Market as Elliott Hill Becomes CEO; FedEx Shares Tumble 13% After Profit Miss • IH Market News • 09/20/2024 10:02:58 AM
- AIG names new CFO; Progyny Drops 24% After Losing Key 2025 Contract; Exicure Jumps 190% With Nasdaq Extension • IH Market News • 09/19/2024 10:26:48 AM
- Microsoft Boosts Share Buyback, Raises Dividends by 10%, Intel Secures Chip Deal with Amazon • IH Market News • 09/17/2024 10:40:35 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/10/2024 12:02:19 AM
- Dell, Palantir, and Erie Will Be Added to the S&P 500; Boeing Avoids Strike; Apple Event Takes Place Today • IH Market News • 09/09/2024 10:05:35 AM
- Broadcom Down 10% Post-Earnings, UiPath Up 8%; Qualcomm Eyes Intel Assets; Salesforce Acquires Own Company • IH Market News • 09/06/2024 11:59:00 AM
- Travala Now Available on Skyscanner, Siemens Issues New Digital Bond on Blockchain, Bitcoin Volatility on Thursday • IH Market News • 09/05/2024 06:09:29 PM
- Qualcomm Develops Mixed Reality Glasses; Verizon to Boost Dividend, Eyes Acquisition; Samsonite Plans US Dual Listing • IH Market News • 09/05/2024 10:11:35 AM
- Nvidia Subpoenaed by DOJ, Athira Pharma Shares Plunge 71% After Study Fails, Zscaler Falls 15% Post-Earnings • IH Market News • 09/04/2024 09:50:25 AM
- Intuitive Machines Soars 18% on NASA Contract, Intel Considers Splitting Operations, Dell Reassesses Selling SecureWorks • IH Market News • 08/30/2024 10:00:08 AM
- Big Lots Falls 27%, Considers Bankruptcy; DraftKings Acquires Simplebet, Berkshire Hits $1 Trillion • IH Market News • 08/29/2024 10:06:50 AM
- High Volatility Expected in Nvidia Report, Ambarella Soars 20%, Hertz Strengthens Board, Apple Cuts Jobs • IH Market News • 08/28/2024 09:50:36 AM
- Apple Names New CFO, Sony Hikes PS5 Price in Japan, Santander Launches Share Buyback • IH Market News • 08/27/2024 09:35:22 AM
- Cruise and Uber Join Forces for Robotaxis, Alibaba Shifts Primary Listing to Hong Kong, Altria Hikes Dividend 4.1% • IH Market News • 08/23/2024 12:20:26 PM
- Schwab and Snowflake Retreat in Premarket, WeRide Postpones IPO, Halliburton Cyberattack, McDonald’s Instagram Hack • IH Market News • 08/22/2024 09:37:42 AM
- Walmart Sells JD.com Stake, Microchip Suffers Cyberattack, Union Pacific Warns of Strike in Canada, and Latest News • IH Market News • 08/21/2024 12:12:11 PM
- Berkshire Reduces Stake in BofA, Hawaiian Airlines Soars 10%, Paramount Receives $4.3B Offer, and More • IH Market News • 08/20/2024 09:56:02 AM
- FuboTV Soars 12% After Venu Sports Block, Goldman Sachs Lowers U.S. Recession Odds, BHP Ends Chile Strike • IH Market News • 08/19/2024 09:28:19 AM
- Deutsche Bank Faces Shareholder Backlash, Bank of America Sponsors 2026 World Cup, Quanterix CEO Buys More Shares • IH Market News • 08/16/2024 10:03:21 AM
- Google Mandated to Modify Play Store, Apple Innovates, Victoria’s Secret Hires CEO, Mars Buys Kellanova • IH Market News • 08/15/2024 10:05:46 AM
Lingerie Fighting Championships Signs Broadcast Deal With Maybacks Global Entertainment • BOTY • Sep 26, 2024 9:00 AM
Maybacks Global Entertainment and Lingerie Fighting Championships Enter Into Broadcast And Revenue Sharing Agreement • AHRO • Sep 26, 2024 8:30 AM
North Bay Resources Commences Operations at Bishop Gold Mill, Inyo County, California; Engages Sabean Group Management Consulting • NBRI • Sep 25, 2024 9:15 AM
CEO David B. Dorwart Anticipates a Bright Future at Good Gaming Inc. Through His Most Recent Shareholder Update • GMER • Sep 25, 2024 8:30 AM
Cannabix Technologies and Omega Laboratories Inc. Advance Marijuana Breathalyzer Technology - Dr. Bruce Goldberger to Present at Society of Forensic Toxicologists Conference • BLOZF • Sep 24, 2024 8:50 AM
Integrated Ventures, Inc Announces Strategic Partnership For GLP-1 (Semaglutide) Procurement Through MedWell USA, LLC. • INTV • Sep 24, 2024 8:45 AM