Tesla Model 3
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Electric car maker Tesla has a new biggest fan on Wall Street.
Analyst Jed Dorsheimer of Canaccord Genuity sees Tesla's stock rallying more than 20% from its current price around $418 to $515 over the next year, telling clients in a note that 2020 will be an "electric year" for the car maker. The target makes Dorsheimer the biggest bull on Tesla equity among Wall Street's major brokerages.
Tesla shares rose about 1% in premarket trading Thursday on the call. Canaccord's previous price target was $375.
"We believe the trend towards electrification will only accelerate in 2020," he wrote. "While bears have feared demand issues as a function of tax credit expiration for Tesla, we suspect a solid Q4 combined with the robust Q3 should put these fears to rest and put to rest this issue as the credit expires."
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January 02, 2020 at 07:22PM
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There's a new biggest bull on Tesla and he thinks the stock is going to $515 - CNBC
"Tesla" - Google News
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