Tesla (TSLA) PT Raised to $1,200 at Canaccord Genuity

Canaccord Genuity analyst Jed Dorsheimer raised the price target on Tesla (NASDAQ: TSLA) to $1,200.00 (from $1,040.00) while maintaining a Buy rating.

The analyst commented, "Post Tesla’s 4Q21, we are maintaining our BUY rating and adjusting our PT to $1,200, which is based on 35x our '24 Adj. EBITDA estimate of $38.8B (previously $1,040 based on 45x of $25.9B). We are bullish on the continued auto gross margin expansion, and we received a few positive bellwethers that cell supply is starting to open for our thesis on energy products. After reporting record delivery numbers a few weeks ago, a beat may have been priced in and shares could see a “buy the rumor, sell the news” type pullback. We would be buyers at these levels and if any pullback occurs."

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