JMP Securities Upgrades Tesla (TSLA) to Market Outperform on Attractive Entry Point, Street High PT

(Updated - March 3, 2020 4:18 AM EST)

JMP Securities analyst Joseph Osha upgraded Tesla (NASDAQ: TSLA) from Market Perform to Market Outperform with a Street High price target of $1,060.00.

The analyst comments "The recent market-driven pullback provides investors with a good opportunity to enter the stock in our opinion, and a perusal of offerings from competitors suggests that TSLA’s market position should continue to be dominant. Interestingly enough, revisions to our 2021 model put us only moderately above consensus, but a look at the longer-term potential for TSLA’s growth suggests the stock should be more highly valued on the 2021 outlook than it currently is. To be specific, we argue that the stock should be valued at 32x EV/EBITDA and 5x EV/ Revenue based on 2021 estimates, with the resulting valuation discounted back one year at 10%."

For an analyst ratings summary and ratings history on Tesla click here. For more ratings news on Tesla click here.

Shares of Tesla closed at $743.62 yesterday.

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