UPDATE: Canaccord Genuity Upgrades Tesla (TSLA) to Buy, 'our focus shifts to storage'

April 12, 2021 4:47 AM EDT
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Price: $589.72 +3.15%

Rating Summary:
    21 Buy, 21 Hold, 11 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 4 | New: 24
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(Updated - April 12, 2021 6:15 AM EDT)

Canaccord Genuity analyst Jed Dorsheimer upgraded Tesla (NASDAQ: TSLA) from Hold to Buy with a price target of $1,071.00 (from $419.00).

The analyst comments "We are upgrading to BUY and raising our PT to $1,071 based on 63x our ’24 EV/EBITDA multiple, which is 3x the peer group average. While rich, we also believe Tesla holds a several-year lead and is now expanding aggressively into storage and thus feel our multiple is warranted. Tesla’s focus on first-principle engineering we believe will radically change the battery market, enabling the company to further the lead in BEVs and expand into the solar and home energy markets with its Powerwall products. Battery supply constraints will begin to alleviate in 2022, as the new 4680 cell
design production comes online in Giga Nevada, Texas, and Berlin, and with partners Panasonic and LG."

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 $677.02 yesterday.

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