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Tesla 'Bringing A Machine Gun To A Knife Fight,' Canaccord Genuity Analyst Says

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Tesla 'Bringing A Machine Gun To A Knife Fight,' Canaccord Genuity Analyst Says

Canaccord Genuity upgraded Tesla Inc (NASDAQ: TSLA) for three reasons, analyst Jed Dorsheimer said on CNBC's "Squawk On The Street" Monday. 

The analyst said he expects delivery numbers to lead to greater profitability because of the transition from low-volume, high-price vehicles to high-volume, lower-price vehicles in the form of Tesla's Model Y and 3. 

Secondly, "the 4680 battery will open up capacity that will drive into the solar and storage market," he said. 

Lastly, the analyst compared Tesla to Apple Inc (NASDAQ: AAPL) in terms of brand value.

See also: Here's Why Alibaba, Plug Power And Tesla Are Moving

The Canaccord Genuity analyst told CNBC the way that Tesla looks at solving problems is fundamentally different.

"Tesla is bringing a machine gun to a knife fight," Dorsheimer said.

He expects that Tesla will continue to expand its lead in the EV sector. 

The Tesla Upgrade: Dorsheimer upgraded Tesla from Hold to Buy and raised the price target from $419 to $1,071. 

TSLA Price Action: Tesla was up 3.19% to $698.51 at last check Monday. 

Image by Free-Photos from Pixabay

Latest Ratings for TSLA

DateFirmActionFromTo
Apr 2021Canaccord GenuityMaintainsBuy
Apr 2021Credit SuisseReiteratesNeutral
Apr 2021Goldman SachsMaintainsBuy

View More Analyst Ratings for TSLA
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