The market is underestimating Tesla's growth potential in China even after the recent swift rally, Piper Sandler said.
Tesla Inc CEO Elon Musk dances onstage during a delivery event for Tesla China-made Model 3 cars in Shanghai, China January 7, 2020.'s growth potential in China even after the recent swift rally, Piper Sandler said.
The research firm hiked its price target on the electric carmaker to $553 from $423, a 30% increase that would translate into a 15% gain from here. Piper's new forecast is based on its analysis of China's vehicle registration data, which showed big upside in the emerging market. "If Tesla's Model 3 market share in the United States can be replicated in China - and if this logic extends also to Model Y - then Tesla's annual volume in China alone would eventually exceed 650k units," analyst Alexander Potter said in a note on Thursday.
China's vehicle registration data showed a 19% jump in sales of Tesla Model 3 in the last three months, Piper said. Shares of Tesla have doubled in just three months, soaring 96% to $481.34 on Thursday. Tesla recently launched the Model Y in China and started delivering the first Tesla Model 3 cars out of
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Elon Musk's Mom Celebrates Big Tesla News, Super Proud of Something ElseElon Musk's mom is the proudest mom out there.
Read more »
Tesla valuation speeds into ludicrous modeThe electric-car maker is worth $89 bln after finally hitting one of CEO Elon Musk’s targets. Tesla’s future is rosier than a year ago. But the valuation means believing it’ll soon sell 3 mln vehicles a year, an eightfold increase, or be a robo-taxi giant. Neither is realistic.
Read more »
US safety agency opens probe into fatal Tesla Model 3 crash in IndianaThe U.S. National Highway Traffic Safety Administration (NHTSA) said on Wednesday it was launching an investigation into the Dec. 29 crash of a Tesla Model 3 that left a passenger dead after the vehicle collided with a parked fire truck in Indiana.
Read more »
As Tesla shares soar, Musk’s moonshot pay package doesn’t seem so crazy anymoreIf Tesla's market value hits $100 billion, it will unlock the first tranche of Musk’s all-or-nothing moonshot award worth about $346 million.
Read more »
Here are Thursday's biggest analyst calls of the day: Tesla, Snap, Apple, Boeing, Coca-Cola & moreHere are the biggest calls on Wall Street on Thursday.
Read more »
Why a ‘battle-weary’ Tesla enthusiast is now telling investors to move to the sidelinesTesla shares shot to a new high on Wednesday, but our call of the day finds a longtime advocate changing his tune and telling investors to cash in on some of...
Read more »