UPDATE: Tesla (TSLA) PT Raised to $730 at UBS

March 3, 2021 4:36 AM EST
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Price: $677.02 -0.99%

Rating Summary:
    20 Buy, 22 Hold, 11 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 17 | Down: 14 | New: 42
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(Updated - March 3, 2021 5:08 AM EST)

UBS analyst Patrick Hummel raised the price target on Tesla (NASDAQ: TSLA) to $730.00 (from $325.00) while maintaining a Neutral rating.

The analyst comments "We stay Neutral on Tesla: The VW ID.3 teardown has underpinned that "all-in" legacy OEMs can challenge Tesla's EV volume leadership with cost-efficient scalable platforms, but Tesla remains the undisputed tech leader, most notably in software. This is the next battleground and main driver of valuation from here, in our view. Becoming one of the largest and most profitable OEMs globally by 2030 is worth ~$200bn in our base case scenario, which leaves >$400bn market value for everything else. We think the lion's share of this value can be generated by software, mainly autonomous driving. With that, Tesla has the potential to become one of the most valuable software companies."

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