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Tesla Price Target Raised at Wedbush Based on 'Massive' EV Transformation

Published 11/19/2021, 01:05 PM
Updated 11/19/2021, 01:10 PM
© Reuters.

© Reuters.

By Sam Boughedda

Investing.com — Tesla Inc's (NASDAQ:TSLA) shares rose 1.6% on Friday after Wedbush analyst Daniel Ives raised his price target, saying the Street continues to digest the "massive" EV transformation taking place in the auto industry. 

Ives raised Tesla's price target to $1,400 from $1,100, around $294 above its share price at the time of writing.

EV stocks have been rallying recently, with both Rivian and Lucid climbing over 10% on Friday. Ives sees several stocks taking advantage of the rapid EV transformation, including General Motors (NYSE:GM), Ford Motor Company (NYSE:F), Volkswagen (DE:VOWG_p), Lucid Group Inc (NASDAQ:LCID), Rivian Automotive Inc (NASDAQ:RIVN), and Fisker Inc (NYSE:FSR).

“We also believe the Biden Infrastructure signing kicks off the first phase of EV infrastructure (charging stations, tax credits) build-outs signaling a new era of adoption for electric vehicles in the US," the analyst explained. 

Ives believes this is the "biggest transformation to the auto industry since the 1950s," with the potential for over 100 manufacturers to attack the $5 trillion market opportunity. He estimates Tesla could “own $2.5 trillion of this pie.”

“The EV stocks are reflecting future parabolic growth and margin potential over the coming years, with now the execution/capacity story taking hold into 2022."

Latest comments

Another Wedbush trash analysis ... we are heading towards half his price target
There’s no doubt that EV is the future of automotive industry and AI will dominate that space. Tesla is definitely the front runner but brands like NIO, Xpeng, Rivian and particularly Lucid will try to capitalize more on AI to close in the gap. Lucid seems well palced to steal that race from others and end up as the runner up behind Tesla.
Tesla is the global leader in the transformation. They will dominate all sectors by 2025 including luxury, ecnomy, commercial. as well as robo-taxi.
OK , VW BMW Mercedes will all be very happy to let Tesla take market share and ominate the luxury segment. No doubt about this! This is already priced in, TSLA capi is 10x VW!
absolute b....t
free money from dreamers for Elon's dreams.
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