There are now two Wall Street analysts that have targets for Tesla Inc.'s stock (NAS:TSLA) of more than $1,000, after Argus Research's Bill Selesky boosted his target by 30% in the wake of the electric vehicle (EV) market leader's fourth-quarter results. The stock fell 0.6% in premarket trading Friday, after losing 5.4% over the past two days. Selesky reiterated his buy rating and raised his price target to $1,010 from $777. That would make him the second-most bullish on Tesla, of the 37 analysts surveyed by FactSet, behind only Oppenheimer's Colin Rusch, who has a $1,036 price target. Selesky said he expects EVs to account for an increasingly larger portion of auto sales, as lower costs for battery packs makes them more affordable to the average car buyer, and Tesla is the "undisputed leader" in the EV space. "We also believe that Tesla is well positioned to expand in the Chinese market and further believe that the incoming Biden Administration will offer rebates and new tax incentives to encourage consumers to buy EVs, which we think favors Tesla versus all the rest," Selesky wrote in a note to clients. The stock has soared 103.4% over the past 30 days through Thursday, while the S&P 500 (S&P:SPX) has gained 14.4%.
Jan. 29, 2021, 9:04 a.m. EST