Tesla (TSLA) PT Raised to $1,000 at Wedbush, Bull Case Raised to $1500 on Model 3 China Demand Ramp and Million Mile Battery

June 10, 2020 5:17 AM EDT
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(Updated - June 10, 2020 6:49 AM EDT)

(updated to add analyst comments)

Wedbush analyst Daniel Ives raised the price target on Tesla (NASDAQ: TSLA) to $1,000.00 (from $800.00) while maintaining a Neutral rating. Ives raised his bull case to $1500 (from $1350). The analyst cited the Model 3 China ramp and million-mile battery.

Ives commented, "We believe with demand for Model 3's ramping stronger than expectations in China heading into summer timeframe, the lockdown easing in the US/Europe, and some potentially "game changing" battery developments on the horizon (Battery Day likely in late June) that Tesla's stock likely has room to run further. While the stock has been roaring higher, we believe the main fundamental catalyst continues to be the massive China market which is showing clear signs of a spike in demand for Musk & Co. heading into the rest of this year. "

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