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Analyst Dan Ives maintains his neutral recommendation for the Tesla stock even though he expects a substantial increase in demand for electric cars worldwide, Marketwatch writes.
Wedbush’s target price, in the base scenario, rises to $ 715, up from $ 560 previously. The new target price is 2.9 percent higher than Friday’s closing price for the Tesla stock of $ 695.
At the same time, Dan Ives repeats the price target in a “bull case” of $ 1,000, which is an increase of almost 44 percent compared to Friday’s closing price.
According to Wedbush, the share of electric cars in the total number of cars may rise to 10 percent in 2025, from 3 percent today.
“We believe this demand dynamic will benefit the undisputed electric car category leader Tesla disproportionately over the next five years, especially in the China region,” Wedbush writes.
At the same time, Wedbush mentions that competition is increasing across the board in the electric car segment with several players in China, Europe and the US wanting to take on Tesla.
In Monday’s trading, Tesla shares fell 4.2 percent to just over $ 666.
