UPDATE: Tesla (TSLA) PT Raised to $155 at JPMorgan

April 5, 2021 6:22 AM EDT
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Price: $589.72 +3.15%

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(Updated - April 5, 2021 6:23 AM EDT)

JPMorgan analyst Ryan Brinkman raised the price target on Tesla (NASDAQ: TSLA) to $155.00 (from $135.00) while maintaining a Underweight rating.

The analyst comments "Our Underweight rating considers notable investment positives, including a highly differentiated business model, appealing product portfolio, and leading-edge technology, which we believe are more than offset by above-average execution risk and valuation that seems to be pricing in a lot. Tesla is attractively saddled with none of the pension, OPEB, and other legacy costs that frequently burden large entrenched automakers. Its products are bold, distinctive, elegant, and highly entertaining to drive. The company is led by visionary leadership, backed by a management team with solid functional strength. Although both technology and execution risk seem substantially less than was once feared, expansion into higher volume segments with lower price points seems fraught with greater risk relative to demand, execution, and competition. Meanwhile, valuation appears to be pricing in upside related to expansion into mass-market segments well beyond our volume forecasts for the Model 3 and Model Y."

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