Truist Starts Covering Tesla TSLA with $1,000 PT, Expects it to Be a Top 5 Largest OEM by 2030

Tesla (NASDAQ: TSLA) is getting a new bull as American financial holding company, Truist, sees its big upside potential in the future. The company believes that the manufacturer will enter the top 5 largest OEMs in the world by 2030 and by that time will produce 10 million cars a year.

Tesla is becoming more and more attractive to investors, so investment firms are starting to pay closer attention to it. Truist, which is one of the ten largest banks in the US, has begun covering the manufacturer's shares with an assigned “Buy” rating and a target price of $1,000. On Wednesday, the stock closed at $711.12, which means that this is a great entry point.

According to Truist analyst William Stein, Tesla is a consistent success story capable of overcoming significant obstacles. From a tiny start-up, in less than 20 years on the market, the company has become the most valuable automaker in the world. Tesla is committed to solving problems in autonomous driving, artificial intelligence, and computing services, and this gives Stein confidence that a similar success story is yet to come.

“We believe the company’s best days in terms of volume production, product innovation, and especially AI innovations are still down the road.”

The analyst believes that Tesla's margin growth potential is underestimated as the company continues to grow. He expects the company to become one of the top 5 OEMs in the world by 2030. In addition, deliveries by then will grow to 10 million units per year.

“We expect Tesla’s unit share to capture the pole position among automotive manufacturers,” Stein said. “We believe Tesla will deliver 10M units per year by 2030.”

© 2022, Eva Fox | Tesmanian. All rights reserved.

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Eva Fox holds zero shares of Tesla, Inc., and currently (at the time of this article's publishing) holds zero options or securities in Tesla Inc. and/or its affiliates.