Tesla (TSLA) PT Raised to 'Street High' $800 at New Street Research

(Updated - January 21, 2020 9:13 AM EST)

(updated to add analyst comments)

New Street Research analyst Pierre Ferragu raised his price target on Tesla (NASDAQ: TSLA) to a 'Street High' $800 (from $530) while maintaining a Buy rating.

• Our 2025 perspective is 2-years closer and a good deal more tangible
• Over the past 1.5 years, key dimensions of our thesis were validated
• "We stick to our views and expect Tesla to sell 2-3m cars per year after 2025, at industry leading margins, justifying a market capitalisation of $230-350bn, or ~$1,100-1,700 per share. Discounted back to early 2021, we would see that fully priced with a stock in the $640-960 range. On that basis, we increase our target price to $800."
• "The stock will remain volatile, as the spread between bull and bear cases remains wide, and God only knows what the next controversy will be. Short interest remains elevated, though, expectations for 2020 seem low, and we expect a strong FCF beat next week."

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