Tesla shares hit new highs after agency raised its target price by $100

BEIJING, Dec. 27 (Xinhua) — Tesla’s shares rose nearly 2 percent in mid-day trading Thursday, again hitting an intraday record high. Tesla’s share price has soared in the past three months, rising nearly 80 percent. Tesla’s shares hit an all-time high of $433.48 in intraday trading. Tesla’s shares were up 1.25 percent at $430.58.

Tesla shares hit new highs after agency raised its target price by $100

Wedbush analyst Dan Ives previously maintained Tesla’s neutral rating and raised its target price to $370 from $270.

Ives said demand from U.S. consumers for model 3 and the European market could drive Tesla’s rise in the fourth quarter, making it easy for the company to meet its 19-year-last-fiscal delivery guidance of 360,000-400,000 vehicles, up 45 percent from the previous quarter and up 65 percent from the previous quarter.

The analyst noted that early trial production at Tesla’s Shanghai plant would boost Tesla’s growth in fiscal 2020 and beyond.

Ives remains on the sidelines of the current demand/profitability environment, but he says he believes Tesla will turn around in the future.

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