Tesla (TSLA) PT Raised to $1,040 at Canaccord Genuity

Canaccord Genuity analyst Jed Dorsheimer raised the price target on Tesla (NASDAQ: TSLA) to $1,040.00 (from $940.00) while maintaining a Buy rating.

The analyst commented, "Post Tesla’s 3Q21, we are maintaining our BUY rating and increasing our PT to $1,040, which is based on 45x our '24 Adj. EBITDA estimate of $25.9B (previously $940 based on 55x of $19B). We are bullish on the auto gross margin expansion, and remain excited for battery constraints to abate and be reallocated to energy products later in 2022. After reporting record delivery numbers a few weeks ago, a beat may have been pricedin and shares could see a “buy the rumor, sell the news” type pull back. We would be buyers at these levels and if any pullback occurs."

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