JMP Securities analyst Joseph Osha raised the price target on Tesla (NASDAQ: TSLA) to $1,020.00 (from $840.00) while raising 2021 estimates slightly. The bulk of the move in price target is a shift in multiples to pre-COVID levels.

The analyst reiterated a Market Outperform rating, stating "As dim as the near-term picture is, TSLA’s long-term prospects are as bright as they have ever been. The company has the balance sheet to continue expanding, and as we expected, Mr. Musk reiterated his commitment to expansion on yesterday’s call". He went on to state "we are shifting to a 32x EV/EBITDA target from 25x, and a 5.5x EV/revenue target from 4x. The result supports a price target of $1,020, up from our previous $840 target".