Tesla (NASDAQ:TSLA) stock is in the news Wednesday after analysts at Stifel initiated coverage of the electric vehicle (EV) company’s shares.
Stifel starts its coverage of TSLA stock with a “buy” rating for the shares. That’s better than the analysts’ consensus rating of hold based on 34 opinions.
To go along with that, the firm set a price target of $265 per share for TSLA stock. That’s above the analysts’ consensus price prediction of $187.30 per share. It’s also a potential 41.5% upside compared to the stock’s prior closing price.
Why the Bull Stance on TSLA Stock?
Stifel analyst Stephen Gengaro is bullish on Tesla stock as he believes the next three years will bring major growth to the company. This comes from Tesla’s plans for updated versions of its Model 3 and Model Y EVs. He’s also expecting good things from the company’s next-generation EV, the Model 2.
Gengaro also argues that Tesla is in a strong position compared to its rivals. He points out that legacy automakers don’t have the EV expertise that is needed to compete with Elon Musk’s company.
TSLA stock is up 3.2% as of Wednesday morning.
Investors will find more of today’s most recent stock market stories below!
We have all of the hottest stock market news that investors need to know about on Wednesday! Among that is loads of other EV news concerning TSLA EV rival Rivian Automotive (NASDAQ:RIVN). You can catch up on all of this at the links below!
More Stock Market News for Wednesday
- What Does the $5 Billion Rivian-Volkswagen Deal Mean for RIVN Stock?
- Cantor Fitzgerald Just Raised Its Price Target on Rivian (RIVN) Stock
- Rivian (RIVN) Stock Just Got a Jumbo Boost From $5 Billion Volkswagen Deal
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.
