Home Stock Market Another analyst noticed Tesla hit $ 1,000, this time due to its...

Another analyst noticed Tesla hit $ 1,000, this time due to its energy business


On Monday, Canaccord Genuity analyst Jed Dorsheimer joined a handful of Wall Street people who believe Tesla Inc. shares. would exceed $ 1,000, in this case thanks to the Silicon Valley automaker’s multi-year leadership position in energy storage technology and batteries.

Dorsheimer upgraded the Tesla rating
TSLA,
+ 3.44%

stock to buy, out of holding and more than double its price target per share to $ 1,071, from its previous target of $ 419.

Price targets and stock multiples may be ‘rich’, but “Tesla has led the way for several years and is now expanding aggressively into storage and [we] Our multiples therefore feel guaranteed, ”the analyst said in a note on Monday.

Tesla engineering “will radically change the battery market, allowing the company to continue to lead BEV and expand into the solar and home energy market with its Powerwall products,” he said. .

Battery supply constraints are expected to subside next year, just in time for Tesla’s in-house design battery cells to come online in factories under construction in Texas and Berlin, Germany, as well. like the “giga plant” in Nevada, they say.

“We are expecting rapid growth in our energy storage and manufacturing business,” said Canaccord, an analyst.

Canaccord’s $ 1,000 Tesla price target is among the highest on Wall Street. Analysts at Oppenheimer, Piper Sandler and Wedbush were among those with Tesla price targets at or above $ 1,000, according to FactSet.

The average price target for Tesla shares according to a FactSet survey is $ 695, down 0.5% from Monday’s price.

Tesla shares have lost 0.8% this year, but have risen more than 500% in the past 12 months. Compared with an increase of about 10% and 48% of the S&P 500 index
SPX,
-0.19%

in the same amount of time.

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