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Tesla Stock Continues Rally; Morgan Stanley Raises Target to $1,200

Tesla stock

Tesla (NYSE: TSLA) stock price continues to rise following a selloff due to the impact of coronavirus. Market analysts have been raising their target prices and are seeing further upside potential despite a massive share price gains in the past six months. Analysts and investors are also showing confidence in its strategy of raising capital by selling $2bn of stock.

Wedbush Securities analyst Dan Ives says the capital raise will put the company in a much stronger position to expand its production from the Shanghai factory. TSLA share price bounced 85 per cent in just 2020 alone and has tripled in value since Q3 results were reported in October. Tesla’s stock price is up 250 per cent in the past six months.

TSLA Tesla, Inc. daily Stock Chart

Morgan Stanley Expects Tesla Stock to Hit $1,200

Morgan Stanley lifted the base case price target from $360 to $500; the firm raised the bull case price target from $650 to $1,200. “We believe investors should expect a very challenging 1Q, with our bull case moving to expansionary mode on battery capacity. The price targets are based on aggressive unit volume outcomes that may push the limits of both demand and capacity to supply,” advises analyst Adam Jonas.

On the other hand, the Baird analyst team says investors are significantly optimistic about Tesla’s ability to generate sustainable growth in profits. Baird team claims that Tesla’s Model 3 demand is healthy and the company’s production pipelines are strong. Wedbush sets a price target of $1,000 amid its production potential.

Move to Profitability is Enhancing Sentiments

Tesla Stock Continues Rally;...

The company had generated profits in the past two consecutive quarters. The worlds’ largest EV maker expects to remain profitable in fiscal 2020. Its earnings per share of $2.06 topped the consensus estimate by $0.38 per share in the latest quarter. The company says its strategy of enhancing operational efficiencies along with investing in high margin products is driving profitable growth.

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Based in Saudi Arabia, Siraj has a strong understanding of and passion for accounting and finance. He has worked for international clients for many years on several projects related to the stock market, equity research and other business, accounting and finance related projects. Siraj is a published financial analyst on the world's leading websites including SeekingAlpha, TheStreet, MSN, and others.