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Tesla Shares Rise As UBS Doubles Price Target

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Tesla Shares Rise As UBS Doubles Price Target

Tesla Inc (NASDAQ: TSLA) shares traded higher by as much as 3% premarket Friday after UBS doubled its one-year price target for the stock from $160 to $325 in anticipation of Tesla's battery day announcements Sept. 22. 

Why UBS Lifted Its Tesla Forecast: Analyst Patrick Hummel expects improved margins to come from Tesla's battery investor day, according to TheStreet.

In January, Hummel still had a Sell rating on Tesla stock, despite doubling the price target at that time as well.

UBS has a Neutral rating on Tesla.

Dry electrode technology is likely to enable a 50% higher energy density of up to 400 watt hours per kilogram (Wh/kg) compared to 260 Wh/kg in current technology, the analyst reportedly said. This may also allow “much better longevity” in batteries with “potentially a cobalt-free chemistry.”

Tesla is expected to announce a million-mile battery, which could be used for over 1 million miles of driving before degrading enough that it needs to be replaced.

Tesla's battery investor day is set to be streamed live online at 4:30 p.m. EST Sept. 22

TSLA Price Action: Tesla shares were trading 1.12% higher at $375.48 at last check Friday. 

Related Links: 

Analyst: S&P Passed On Tesla Because It's 'Profoundly Overvalued'

Tesla Sees 'First Substantial Completion' Of Gigafactory Texas By Next May

Latest Ratings for TSLA

DateFirmActionFromTo
Sep 2020BairdMaintainsNeutral
Sep 2020Canaccord GenuityMaintainsHold
Sep 2020Deutsche BankUpgradesHoldBuy

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ZGTruist SecuritiesMaintains115.0
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