Wedbush Upgrades Tesla (TSLA) to Outperform, Adds to Top Picks

Wedbush analyst Daniel Ives upgraded Tesla (NASDAQ: TSLA) from Neutral to Outperform with a price target of $1,000.00 (from $950.00) with a $1350 long-term bull case on the "Green Tidal Wave" thesis. The analyst also added the stock to the Wedbush Best Ideas list.

"In our opinion the 1Q delivery numbers released on Friday was a paradigm changer and shows that the pent-up demand globally for Tesla's Model 3/Y is hitting its next stage of growth as part of a global green tidal wave underway," Ives commented. "We now believe Tesla could exceed 850k deliveries for the year with 900k a stretch goal, despite the chip shortage and various supply chain issues lingering across the auto sector. While the EV sector and Tesla shares have been under significant pressure so far this year, we believe the tide is turning on the Street and the "eye popping" delivery numbers coming out of China cannot be ignored with the trajectory on pace to represent ~40% of deliveries for Musk & Co. by 2022. We believe Tesla's profitability/FCF profile significantly improves over the next 3 to 4 years with $20 of annual EPS potential by 2026 based on our projections."

For an analyst ratings summary and ratings history on Tesla click here. For more ratings news on Tesla click here.

Shares of Tesla closed at $667.93 yesterday.

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