On September 18th, Wedbush raised its Tesla Inc (NASDAQ: TSLA) price target to $475 from $380 on China demand, maintaining a neutral rating.
“The pent-up demand in the China electric vehicle market for Model 3's and recent price cuts are catalyzing strong unit deliveries for Musk & Co. in this key market,” Wedbush analyst Daniel Ives wrote, while raising his 3rd-quarter delivery forecast to 130,000 units, up from 123,000. Ives now expects Tesla (NASDAQ: TSLA) to deliver 470,000 vehicles for the whole year 2020, 90% of the total will be Model 3s and Model Ys.
Ives also maintained his Tesla Inc. (NASDAQ: TSLA) bull case price target of $700 (pre-split $3,500), citing continued signs of accelerating demand in China and battery potential.
Ives also sees the potential for a 1 million-mile battery that can last for decades, which could be announced on September 22 at Tesla's upcoming Battery Day.
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