Investment Firm Newly Covering Tesla: “One of the most dynamic technology innovators over the last 30 years”
By Steve Hanley & Zach Shahan
Wedbush Securities started covering Tesla stock last week. It’s coverage led off with this comment from analyst Daniel Ives: “Tesla has evolved into one of the most dynamic technology innovators over the last 30 years and, in our opinion, has put itself into an esteemed category of companies such as Apple and Amazon that have revolutionized consumer buying habits and behaviors over the last decade.”
Ives continued by calling Tesla “a technology titan over the coming years despite the near-term turbulence. Seeing the forest through the trees, we believe Tesla has the most innovative product road map in the technology space over the next 5 to 10 years,” Ives said. He has set a price target of $440 per share according to CNBC. It closed at $365.71 on Friday.
Ives didn’t say whether those new buying habits include the end of franchise dealer laws that prevent Tesla from selling directly to consumers in many US states, but a good guess is those archaic laws will be swept away within 3 years, or 5 years at the worst.
We wrote an article focused on Tesla’s innovation obsession a couple of months ago. As you can see from the screenshot above, it was inspired in part from a simple tweet … by Elon Musk. We had a rather popular article going around that highlighted the threat Tesla is posing to major German automakers. In a few more words, it basically explained that Tesla is out-innovating the competition. Musk summarized the point well for us with his tweet, which is appropriate since we were summarizing his company’s leadership and the disruption it is initiating.
Wedbush Securities isn’t the only money manager putting its finger on this point. In fact, Tesla has passed up every automaker except Toyota and Volkswagen in market cap. It routinely receives bullish words of praise from the likes of Ron Baron, Tim Draper, Gene Munster, Baird & Co., Baillie Gifford, and other notable rich people.
The important point with this tech disruption is that it’s focused on the protection of human society and the Earth as we know it. This is what drives Tesla, including thousands or tens of thousands of employees at the California company.
Wedbush Securities and other investment firms may be eager to make an extra billion or two on Tesla. The rest of us are eager to see our planet protected by Tesla’s rapid innovation and relentless growth until the EV revolution is complete.
Related Stories:
Tesla Passes Daimler In Market Cap — Volkswagen Next?
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