New Street Research Upgrades Tesla (TSLA) to Buy; 'Decade of Hyper-Growth Ahead'

Updated - October 7, 2020 4:39 PM EDT)

New Street Research analyst Pierre Ferragu upgraded Tesla (NASDAQ: TSLA) from Neutral to Buy with a 'Street High' price target of $578, saying they see a decade of hyper-growth ahead.

The analyst highlighted that Tesla's addressable market is already in excess of 20 million units, citing the whole premium car market. Further, the analyst sees no serious competition.

​Ferragu sees Tesla shares continuing to trade at a 50-100x multiple, noting Amazon traded in that range for more than 10 years.

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 $413.98 yesterday.

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