Tesla’s bulls add another member, the stock is expected to rise to 600 yuan?

Oppenheimer, the investment bank, has just become Wall Street’s biggest Tesla bullpen. The investment bank raised its target price for carmaker Tesla to $612 from $385 a share, more than 20 per cent above Tesla’s closing price on Friday. Oppenheimer’s new target price is the highest among major investment banks, according to FactSet.

Tesla's bulls add another member, the stock is expected to rise to 600 yuan?

Oppenheimer analyst Colin Rusch said in a memo Monday that Oppenheimer believes in Tesla’s risk tolerance and ability to learn from past mistakes, while having more ambition than its peers. It will pose a threat to similar companies that are unable or unwilling to innovate faster.

Oppenheimer rated Tesla as a better-stakes market.

Rusch said Tesla’s successful technology has put the company three years ahead of its competitors over existing vehicles. Tesla has addressed some of the “manufacturing bottlenecks” and has shown strong consumer demand.

Oppenheimer also believes Musk can increase Tesla’s sales while reducing the company’s operating costs. Oppenheimer raised its 4Q delivery forecast for Tesla.

‘Tesla is becoming a must-have stock and could benefit from the benefits of including other indices, ‘ Mr. Rusch said.

The average 12-month target price given by 32 analysts who tracked Tesla was $362.25 per share, according to FactSet.

Tesla’s share price has risen nearly 40 percent in the past 12 months.