Thursday, 24 September 2020 16:31

Tesla Stock Gets New Price Targets After Battery Day Breakthroughs

Written by Joey Klender, Teslarati


Tesla received a variety of new price targets from investment firms following the conclusion of the company’s Battery Day event Sept. 22.

Goldman Sachs, Deutsche Bank and Baird analysts all raised their outlook for the electric automaker’s stock following the successful Battery Day presentation, which revealed Tesla’s plans for a new battery structure, more efficient manufacturing and its roadmap for more affordable vehicles. Morgan Stanley also commended Tesla’s event but did not increase its price target.


Tesla stock suffered a small pullback in value during and following the event, which can likely be attributed to the fact the revealings at Battery Day will not be available immediately. CEO Elon Musk stated a day prior to the event that some of the developments will take a few years to come to fruition.


However, some firms are advising investors take advantage of the pullback in stock value. Tesla’s announcements Sept. 22 proved the company is head and shoulders above the rest of the EV sector in terms of manufacturing, performance and battery technology.


Goldman Sachs analyst Mark Delaney raised his price target on TSLA stock from $295 to $400 and maintained a “neutral” rating, according to TheFly. The increased outlook from Delaney is based on Tesla’s importance in the future widespread adoption of electric cars, as well as potential margin upside from software.


Delaney wrote in a note to Goldman investors that Tesla’s goals to produce its own battery cells, along with a possible 100 GWh capacity by 2022, and 3 TWh in 2030, shows the company’s plan is set and it has a roadmap to achieve it.


Deutsche Bank’s Emmanuel Rosner upgraded his rating on Tesla stock from “hold” to “buy” and raised his price target from $400 to $500. Rosner stated although Wall Street’s reaction to the Tesla event was not positive, it is an opportunity for investors to take advantage of a discount on the share price.

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