Tesla (TSLA) PT Raised to Street High $556 at Argus

Argus analyst Bill Selesky raised the price target on Tesla (NASDAQ: TSLA) to $556.00 (from $396.00) while maintaining a Buy rating.

The analyst comments "Our positive stance assumes ongoing revenue growth from the legacy Model S and Model X, as well as continued strong demand for the new Model 3. The recent (record) production and delivery performance for the fourth-quarter of 2019 highlight the popularity of the Model 3, which accounted for more than 80% of 4Q production. Despite recent production delays, parts shortages, labor cost overruns, and a host of other difficulties, we expect the company to improve performance over time."

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