Piper Sander analyst Alexander Potter raised Tesla’s price target to $1,200, up from $515, while maintaining an overweight rating, according to StreetInsider. Potter believes 2020 was a breakout year for Tesla, but “the fireworks aren’t over,” and the stock will make more moves.
- With Tesla’s target industries still embracing outdated business models, Potter believes it may take decades before the electric vehicle maker runs out of new opportunities.
- Potter expects 894,000 Tesla vehicle deliveries in 2021, which will rise to over 9 million units in 2030.
- Tesla is also targeting multi-trillion-dollar markets, which open up new levels for growth-Potter
Tesla stock is currently gaining. TSLA: NASDAQ is up 2.71% on premarket.