Tesla (TSLA) could rally back to $1,000 a share.
After breaking above prior resistance at $780.79, the stock is now stuck in a consolidation pattern just under $795. If it can break out, we could see a near-term test of $877.77, and perhaps even $1,000 per share, as noted by Wedbush analyst Dan Ives in Barron’s.
Helping, countries all around the world want millions of electric vehicles on the roads. Plus, according to the Boston Consulting Group, by 2025, EVs could account for a third of all auto sales. By 2030, EVs could surpass combustion engine vehicles with a market share of 51%.
Analysts Seem to Love the TSLA Stock
Dan Ives rates Tesla a buy with a price target of $1,000 on production capacity.
“While the chip shortage has been a clear headwind for Tesla and the overall auto/tech industry, we believe building out manufacturing capacity globally remains a key to Musk & Co. success in 2022 and beyond,” he said, as quoted by Barron’s, adding that, “Austin and Berlin [factories are] set to expand Tesla capacity into 2022.”
Better, Canaccord analyst Jed Dorsheimer raised his target price on TSLA to $940 from $768.
All after the company’s annual shareholder meeting and ahead of earnings.
“At the meeting, CEO Elon Musk gave a presentation that “directly touched on key points to our investment thesis,” Dorsheimer said, as quoted by TheFly.com. “He is increasing the multiple he applies to reach his price target to represent his sentiment on Tesla going into the quarter as he sees upside based on what he expects to be strong delivery numbers and increased gross margin from the Model S and Made-in-China Model 3 and Y.”
With plenty of catalysts, Tesla could easily run to $1,000+ from here.