Tesla could 'run the world,' but its shares are in a bubble right now, Miller Tabak strategist warns $TSLA (via TradingNation)
Trading Nation: Jefferies raises Tesla price target to Street high—Two experts on whether you should dig inThe stock rallied more than 6% on Wednesday after Jefferies boosted its price target to a sSreet high of $2,500, well above its current price of $2,153. That target hikes comes even after a more than 400% surge this year..
Maley notes it still has long-term potential, which does not negate the high probability of short-term pain, pointing to"We have to remember that Amazon was in a bubble in 2000. It crashed, it fell 90% — I don't think Tesla is going to fall 90% — but it crashed, and then 10 years later it was running the world. So even if Tesla is going to run the world someday, it doesn't mean it can't drop significantly when it gets as overbought as it is right now," said Maley.
Tocqueville Asset Management's John Petrides agrees that Tesla's valuation is beginning to look stretched.
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