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Jul 6, 2020

Tesla climbs after deliveries lead analysts to lift price target

Darren Sissons discusses Tesla

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Shares of Tesla Inc. rose as much as 6.3 per cent Monday as JMP Securities lifted the electric carmaker’s price target by 43 per cent.

The boost to US$1,500 from US$1,050 comes after the Palo Alto-based company delivered more Model 3 and Model Y vehicles in the second quarter than JMP expected, analyst Joseph Osha said in a note.

“Our target is now based on our belief that TSLA is positioned to become a [US]$100 billion company” by 2025, in terms of revenue, Osha said. At the end of last year, Tesla had US$24.6 billion in revenue.

While data for deliveries in China haven’t yet been released, the firm appears to have been more successful in the U.S. and Europe than JMP thought, Osha said. NIO Inc., Tesla’s Shanghai-based rival, has been gaining ground. The company’s U.S.-traded shares rose as much as 23 per cent Monday.

Deutsche Bank analyst Emmanuel Rosner also raised Tesla’s price target to US$1,000 from US$900, referencing the stronger-than-expected vehicle shipments.

TSLA has nine buys, 11 holds and 16 sell ratings, with an average price target of US$730, according to data compiled by Bloomberg.