Tesla (NASDAQ: TSLA) received a $940 price target from Canaccord after the Annual Shareholders Meeting, a testament to the firm's confidence in the manufacturer.
There are currently 40 analysts covering Tesla with an average 12-month target price of $692.76. Out of the 40 analysts, 11 have strong buys, 6 have buys, 13 analysts have hold ratings, 6 have sells and 4 have strong sell ratings. The street high sits at $1,591 from Elazar Advisors while the lowest comes in at $67, according to The Deep Dive.
On October 8, Tesla held the Annual Shareholders Meeting, at which it shared its development plans with shareholders. The company spoke about:
- Moving Tesla's headquarters to Austin Texas
- Cybertruck likely to start production in 2022 and reach volume production by 2023
- Telsa has no plans to issue a stock dividend
- Expects to increase production at the Fremont facility by 50%
- Telsa won’t start producing 4680 cells in Texas this year, but will see volume production by 2022
- Will announce a new plant next year
After the Annual Shareholders Meeting, Canaccord Genuity raised their 12-month price target to $940 from $768 and reiterated their buy rating on the stock.
The firm says that during the AGM, Elon Musk touched on some of Canaccord's key investment points, which are centered around Tesla creating an “Apple-esque brand and ecosystem of energy products.” Musk said that Tesla is founded on three pillars: renewable energy generation, battery storage, and electrified transport. So, Canaccord expects the production of 4680 cells, which will power all Model Ys produced at Giga Texas, by the end of 2022. This will free up 2170 cells for Powerwall and Megapack production.
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About the Author
Eva Fox
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.
