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Jefferies Practically Doubles Its Price Target On Tesla [TSLA]

Jefferies just came pretty close to doubling its price target on Tesla, CNBC has reported. Analyst Philippe Houchois raised Tesla’s price target to what is known as a “Street high.” This number is $1,200 and it is a jump from the previous target of $650. The belief is that COVID-19, the disease that many thought was going to harm Tesla and its stock, did the opposite. It accelerated the transition to EVs and renewables.

Tesla Model 3

Jefferies just came pretty close to doubling its price target on Tesla, CNBC has reported. Analyst Philippe Houchois raised Tesla’s price target to what is known as a “Street high.” This number is $1,200 and it is a jump from the previous target of $650. The belief is that COVID-19, the disease that many thought was going to harm Tesla and its stock, did the opposite. It accelerated the transition to EVs and renewables. In fact, Tesla is leagues ahead of its competitors when it comes to product range, capacity, and technology.

Tesla just recently scored a 402 mile EPA rating on its 2020 Model S Long Range Plus, a ~20% improvement over the 2019 Model S. Houchois maintained a “Buy” rating while stating, “Tesla is still the only legacy-free OEM engaged in a +ve EV sum game. Against expectations even a few months back, the gap with peers is widening, from product to battery tech/capacity. We fear volatility may remain high but raise our DCF-based PT to $1,250 on higher mid-term growth (+2pp) and lower cost of capital (-1pp to 8%).” (“Against expectations” for certain people, not for others. Ahem.)

You don’t have to be a stock analyst to understand what this means. It means that Wall Street, despite many of the critics who are outdatedly touting Tesla’s imminent demise, is slowly starting to see the light. Tesla is on a mission to accelerate our transition to sustainable energy and is achieving it pretty well.

This matters in the cleantech industry because Tesla is a vital player in this industry. Tesla is the ally of “going green” and we want Tesla to succeed. Without its push, legacy automakers wouldn’t be struggling to keep up or coming up with their own competitive EVs. They have taken notice of Tesla and know that it’s not backing down nor is it going away, so they have to do what Tesla was incorporated to make them do — speed up their transition to electric vehicles and more quickly retire their fossil-vehicle production lines. Of course, the problem for them is that’s financially painful.

 
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Written By

Johnna Crider is a Louisiana native who likes crawfish, gems, minerals, EVs, and advocates for sustainability. Johnna is also the host of GettingStoned.online, a jewelry artisan and a $TSLA shareholder.

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