Aly Song / Reuters
With Battery Day and the call to pick up on the horizon, Tesla’s rally in 2020 may still be in its infancy, according to Wedbush analyst Dan Ives.
The analyst raised monday’s value target for the automaker’s stock to $1,900 versus $1,800 while maintaining a “neutral” score on the stocks.The new 12-month target involves a 15% jump since Friday’s close and would put the shares at all-time highs.
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Elon Musk is about to unveil a number of battery technologies that will “change the game” during the event, Ives said.These inventions are essential if Tesla wants to maintain leadership in the electric vehicle segment.Mobile battery capable of traveling 1 million kilometers.
If Tesla can also reveal innovations in battery day production costs, it can turn the company into a leading battery supplier and expand its overall addressable market, Ives said.
The growing demand for cars in China has also led to construction at the Target of Ives.Wedbush expects sales in the country to increase until the end of summer as Tesla increases Production of Model Y in Shanghai.The United States and China can further stimulate the call as the global economic environment improves and blockades are lifted, Ives said.
He added that the Chinese are calling for the “cornerstone of success” for Musk and Tesla and that the company is back on track to meet its ambitious target of 500,000 deliveries for the year.
“Simply put, good fortune in China continues to replace the paradigm of its history of electric vehicle penetration over the next decade,” Ives said.
Tesla closed at $1650.71 on Friday, an increase of about 298% since the start of the year.
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