Tesla Shares Get PT Boost to $300 from Wedbush

Tesla received a price target (PT) increase to $300 from Wedbush. “Musk and Tesla are playing chess while other automakers are playing checkers in this broader EV green tidal wave,” the analyst wrote.

TSLA shares continue to rise

Tesla shares have been rising for 11 trading sessions in a row. At the time of writing, their price was $246.91. As the company’s shares exceeded the target price of many analysts, some of them began to make adjustments to their forecasts and estimates.

Wedbush analyst Dan Ives was the first to react to the recent surge in Tesla’s share price. He affirmed his Overweight rating and raised his target price for the stock from $215 to $300. In addition, Tesla has been added to Wedbush’s best ideas list again.

Tesla’s success story continues development

The American manufacturer continues to add new achievements to its collection. Tesla is now actively stepping into the game with its Supercharger network, energy business, AI-powered autonomous driving, battery ecosystem, and scaling up worldwide, Ives wrote. This adds to the “Tesla golden EV success story that is still in the early days,” he said.

The analyst noted that Tesla is likely to see strong demand after price cuts in the US and China. In addition, the margin is now in stabilization mode. He expects margins to drop to a minimum within the next one to two years.

“In a nutshell, Musk and Tesla are playing chess while other automakers are playing checkers in this broader EV green tidal wave,” Ives said.

Tesla’s collaboration with Ford and GM opens up great opportunities for Supercharger monetization

Ford and GM recently announced a partnership with Tesla. Starting in 2024, Tesla will open its more than 12,000 Superchargers to electric vehicle of companies. Initially, they will be charged using the Magic Dock. However, starting in 2025, Ford and GM vehicles will be equipped with a Tesla charging port.

“At the end of the day, Tesla essentially owns the charging network ecosystem domestically and GM as well as Ford Motor Co. need access to it for success in their broader EV ambitions over the coming years,” the analyst wrote.

Ives thinks this is a big opportunity for Tesla to monetize Superchargers. The analyst said he expects Ford and GM together could add another $3 billion to Tesla’s electric vehicle charging revenue over the next few years.

Tesla has a great roadmap

Ives believes that overall, Tesla is on track to meet its 2023 delivery target of 1.8 million units. He says the Nevada expansion is a strategic advantage for Tesla. In addition, the switch to 4680 cell production is another “checkmate” win for Tesla in this EV arms race. The Cybertruck launch later this year will also add to Tesla’s growth story. In addition, Tesla’s new electric car under $30,000 could come into play.

“In a nutshell, Tesla is in a massive position of strength,” he added.

Legal Disclaimer ––

This article is for informational purposes only. You should not construe any such information or other material as an investment, financial, or other advice. Nothing contained in this article constitutes a solicitation, recommendation, endorsement, or offer by Eva Fox, Tesla Magazine, or any third party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction.

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.