Tesla (TSLA) PT Raised to $560 at Wedbush, Bull Case Raised to $1000

Wedbush analyst Daniel Ives raised the price target on Tesla (NASDAQ: TSLA) to $560.00 (from $500.00) while maintaining a Neutral rating. The analyst also raised his Bull Case to $1000 from $800 to reflect this steeper demand EV adoption curve over the next 18 to 24 months for Tesla with China and Europe the linchpins of growth.

"With the sustained path to profitability and S&P 500 index inclusion achieved, the Tesla bull story is now all about a stepped up EV demand trajectory into 2021," Ives commented. "Overall we are seeing a major inflection of EV demand globally with our expectations that EV vehicles ramp from ~3% of total auto sales today to 10% by 2025. We believe this demand dynamic will disproportionately benefit the clear EV category leader Tesla over the next few years especially in the key China region which we believe could represent ~40% of its EV deliveries by 2022 given the current brisk pace of sales with 150k+ deliveries in its first year out of the gates with Giga 3."

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