The electric vehicle boom is here.
Over the next five years, EVs could account for more than a third of auto sales. Five years after that, EVs could see market share of 51%, according to the Boston Consulting Group.
That hope has ignited an incredible EV boom, and is part of the reason Tesla (TSLA) just rocketed to $1,385 a share. While some analysts warn to stay away from overvalued shares of the EV stock, JMP Securities just boosted its price target to $1,500 a share.
That upgrade came shortly after Tesla reported second quarter deliveries that were above analyst expectations. In fact, according to Business Insider, TSLA reported 90,650 deliveries, which was well above estimates for 70,300.
“If the company can manage 90K units during an extraordinarily challenging quarter, there is no reason that TSLA cannot be shipping 130K to 140K units a quarter by the end of the year in our opinion,” noted analysts at JMP. “That puts TLSA on a trajectory to ship 757K units in 2021.”
Other analysts jumped on the bandwagon, too.
JP Morgan for example just upgraded its price target on TSLA to $295 from $275 with an underweight rating. Deutsche Bank boost its price target to $1,000 from $900.
At the same time, Elon Musk is having some fun at the expense of shorts and the US SEC.
All In tweets that read:
“Tesla will make fabulous short shorts in radiant red satin with gold trim” and “Will send some to the Shortseller Enrichment Commission to comfort them through these difficult times.”
Since the start of 2020, shares of Tesla have exploded from a low of $350.51 to $1,371.58.
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