Market Overview

Just Getting Started? New Street Gives Tesla An $800 Price Target

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Just Getting Started? New Street Gives Tesla An $800 Price Target

Shares of Tesla Inc. (NASDAQ: TSLA) were on the rise Tuesday and a longtime bull got even more bullish, raising his target price on the stock to a Street-high. Tesla's stock is already up more than 20% this month.

The Analyst

New Street's Pierre Ferragu raised his price target on Tesla from $530 to $800, keeping a Buy rating on the stock.

The Thesis

Ferragu now has the highest price target on the Street for Tesla, which has a consensus target price under $360 and more Sell ratings than Buy ratings.

Ferragu said he expects a strong free cash flow beat when Tesla reports fourth-quarter earnings next week and sales of 2 million to 3 million cars per year after 2025, justifying a higher market capitalization and share price. The production capacity outlook is strong, with a new China plant ramping up and plans for European production, he said.

Separately on Tuesday, Tesla responded to last week's announcement by federal regulators that they'd review a petition asking for an investigation of reports of unintended acceleration. Tesla said there has been no unintended acceleration and the petition was pushed by a short seller.

Price Action

Tesla's stock traded up more than 7.3% on Tuesday to $548 per share at time of publication.

Related Links:

Ex-Ford CEO Mark Fields Talks About Tesla Building An 'Iconic Brand'

Morgan Stanley Downgrades Tesla On Risk, Valuation Following Massive Stock Run

Latest Ratings for TSLA

DateFirmActionFromTo
Mar 2020Piper SandlerMaintainsOverweight
Mar 2020Morgan StanleyMaintainsEqual-Weight
Mar 2020Argus ResearchDowngradesBuyHold

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Latest Ratings

StockFirmActionPT
SAICSunTrust Robinson HumphreyMaintains95.0
GPNSunTrust Robinson HumphreyMaintains165.0
FISVSunTrust Robinson HumphreyMaintains110.0
FISSunTrust Robinson HumphreyUpgrades140.0
WUNorthland SecuritiesMaintains15.0
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