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Cramer: $3,000 Tesla Price Target Would Be 'Hype' From Anyone But Cathie Wood

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Cramer: $3,000 Tesla Price Target Would Be 'Hype' From Anyone But Cathie Wood

ARK Investment Management has assigned a new $3,000 price target to Tesla Inc (NASDAQ: TSLA), and if anyone else had modeled a similar level of upside, it would be dismissed "as being hype," according to CNBC's Jim Cramer. 

What Happened: Wood is "so good" at stock picking and valuing companies that her model of 400% upside in Tesla's stock has some merit, Cramer said.

If Bernstein's Toni Sacconaghi assigned a $3,000 price target on Tesla, Cramer said he would think the Bernstein analyst "lost his mind."

On the other hand, Wood's comments could "get the stock going," the CNBC host said. 

Wood's price target is likely based on the thesis that Tesla CEO Elon Musk is going to "make cars everywhere," but his vision for Tesla extends beyond just cars, Cramer said. 

Wood may have a better grasp of how exactly Musk is planning to "reinvent the entire grid," he said. 

"She has the cachet to say it and not be dismissed."

Why It's Important: Cramer is no stranger to commenting on Wood's performance.

Back in February, Cramer suggested Wood needs to close her Ark Funds from new investments.

On Benzinga's "Raz Report," Wood responded to Cramer's criticism and pointed out it's "not possible to close an ETF.

"The irony is all I'm doing is concentrating on investing," she said.

What's Next: Cramer said he thinks Tesla's stock could get a boost in the near-term from Americans looking to invest their latest stimulus check.

TSLA Price Action: Tesla's stock was up 3.11% at $675.26 at last check Monday. 

Latest Ratings for TSLA

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

View More Analyst Ratings for TSLA
View the Latest Analyst Ratings

 

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ETCredit SuisseMaintains13.0
IFRXCredit SuisseMaintains2.8
METCredit SuisseMaintains68.0
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