Daniel Ives, Wedbush analyst raised his Tesla (NASDAQ: TSLA) price target to $560 from $500 also increased the bull case target to $1,000 from $500.
"With the sustained path to profitability and S&P 500 index inclusion achieved, the Tesla bull story is now all about a stepped up EV demand trajectory into 2021," Ives commented. "Overall we are seeing a major inflection of EV demand globally with our expectations that EV vehicles ramp from ~3% of total auto sales today to 10% by 2025. We believe this demand dynamic will disproportionately benefit the clear EV category leader Tesla over the next few years especially in the key China region which we believe could represent ~40% of its EV deliveries by 2022 given the current brisk pace of sales with 150k+ deliveries in its first year out of the gates with Giga 3."
