A new price prediction is in for Tesla (NASDAQ:TSLA) stock today and it has one analyst expecting major gains in not much time.
New Street analyst Pierre Ferragu is the analyst behind the new price prediction for TSLA stock today. He increased the firm’s price target for the shares from $1,298 to $1,580. Ferragu’s price target is incredibly bullish compared to his peers. The consensus price target for TLSA is sitting at $798.24.
Of course, today’s news isn’t just that the New Street analyst is expecting major gains from Telsa, it’s also how quickly he expects them. Ferragu is estimating that TSLA stock will be trading at his price prediction by the end of the year.
It’s also worth pointing out that the new price target has Ferragu keeping a buy rating for TSLA. For comparison, the analyst consensus rating is hold. That comes from 14 buys, 10, holds, and 10 sells.
So why is this analyst taking such a bullish stance on TSLA stock? First off, the New Street analyst thinks that Tesla will surpass delivery estimates of 266,000 units in Q4. This has him predicting between 280,000 and 285,000 deliveries during the period.
Another reason for the bull position from Ferragu is high expectations for the company’s Shanghai plant. The analyst believes that this plan as an annual turnout of over 700,000 vehicles. That’s much higher than the initial 450,000 unit target.
TSLA stock is down slightly as of Wednesday afternoon.
Investors seeking more stock market news today are in luck!
We’ve got all the latest news that traders need to know about today. Among that is what’s happening with shares of Auddia (NASDAQ:AUUD), Roku (NASDAQ:ROKU), and EPAM (NYSE:EPAM) on Wednesday. You can find out more about these stocks by checking out the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
