Tesla cracks $500 for the first time after the new most bullish analyst on Wall Street says the stock will surge 28% this year
The new most bullish price target is also roughly 28% higher than where shares of Tesla traded at Friday's close.
While Tesla has"stumbled through growing pains, we believe the company has reached critical scale sufficient to support sustainable positive FCF," Rush wrote in the Monday note. Rusch raised his price target to $612 based on a 30x multiple of his 2024 non-GAAP earnings-per-share estimate of $28.67, discounted three years at 12%.
In addition, Tesla's powertrain technology, power and data architecture, and operating system are about three years ahead of the competition, based on available vehicles and checks on new platforms, Rusch wrote. The latest leg of Tesla's recent rally was also fueled Monday when the Chinese government signaled that it won't continue reducing subsidies for the electric vehicle industry at the same pace this year,
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.
Cracks emerge in Trump's wall of GOP supportSome cracks emerged last week in the formerly solid wall of Republican support for President Donald Trump. They were small in number -- and dwarfed by the vast pro-Trump majority on the right. Whether they will matter in the long run is another question. But they were surprising nonetheless.
Read more »
Next stock market crash: Investor euphoria hits financial crisis level - Business InsiderA gauge of stock-market euphoria is surging past the highs it reached before the 2008 financial crisis — and it's convinced one Wall Street bull that a meltdown is near
Read more »
Dow Hits 29,000 For First Time, Despite Sluggish Jobs Report And Ongoing Tensions With IranThe stock market hit a new milestone on Friday.
Read more »
4 ways to spend $100 today to be richer by this time next year - Business InsiderAn increasing net worth is a good sign of progress toward wealth, and that might be easier to accomplish than you think.
Read more »