Canaccord Genuity analyst Jed Dorsheimer reiterated a Buy rating and $1,200.00 price target on Tesla (NASDAQ: TSLA) after the company reported operating income and margin beating consensus by nearly 35%.

The analyst stated "Operating margin of 19.2% this quarter is a significant improvement from 5.7% in 1Q21, and even significant compared to last quarter of 14.7%. Tesla has a large lead against auto OEM competitors, and they displayed as such with a graph illustrating competitors reaching 12%. Tesla is demonstrating an operational advantage while carrying the costs of two new facilities, though both boast more efficient manufacturing technology (“the factory is the product”), which we expect to be accretive to margins".

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Shares of Tesla closed at $977.20 yesterday.