Tesla's biggest bull says Wall Street skepticism is 'a wonderful wall of worry'

  • 📰 CNBC
  • ⏱ Reading Time:
  • 53 sec. here
  • 2 min. at publisher
  • 📊 Qulity Score:
  • News: 24%
  • Publisher: 72%

Ark Invest's Cathie Wood said on 'Squawk Box' that demand in China and falling battery costs will continue to boost Tesla's stock.

United States Headlines News

United States Latest News, United States Headlines

in its Shanghai factory. Electric vehicles accounted for about 2% of auto sales last year, according to a note from Morgan Stanley's Adam Jonas.

"We are now seeing, and more people now believe, that battery costs are falling at such a rapid rate, that within two years the average electric vehicle from just a sticker price point of view, will drop below the average combustion engine car in price," Wood said. Tesla's climb has been a wild ride in 2020. After beginning the year at around $420 per share, the stock spiked $968 per share in early February before falling back a little to around $800 recently.

Wood credited the stock's success this year to strong profit numbers and the faster than expected opening of Tesla's factory in Shanghai. She said she would not be surprised if Tesla opened another factory in China fairly soon. The stock was up another 4.75% Tuesday morning after getting a pair of price target raises from analysts at Morgan Stanley and Bernstein. Wood said on Twitter last week that theWood said that Ark Invest does sell shares of Tesla periodically because it does not want to hold more than 10% of its portfolio in one stock.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in US
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Here are Tuesday's biggest analyst calls of the day: Tesla, World Wrestling, American Eagle & moreNew for subscribers: Here are Tuesday's biggest analyst calls of the day: Tesla, World Wrestling, American Eagle & more Check out CNBCPro and get your first 30 days free.
Source: CNBC - 🏆 12. / 72 Read more »

Renaissance Technologies may have made $1.5 billion from Tesla stock - Business InsiderA famous hedge fund bought Tesla stock before it surged 91% this year. It potentially raked in over $1.5 billion from the bet. Yep self perpetuating based all on what... Leaks and fake information _MichaelWhitton
Source: BusinessInsider - 🏆 729. / 51 Read more »

German court halts site preparation for Tesla factoryA German court has temporarily halted the site preparation for Tesla Inc.'s first electric car factory in Europe. Shocking I didn’t know he was Druish Doesn't sound very environmentally friendly, elonmusk
Source: ABC - 🏆 471. / 51 Read more »

Tesla ordered by German court to stop cutting down trees for GigafactoryA German court on Sunday ordered Tesla Inc to stop clearing forest land near the... He looks nice. No problem build in America problem solved
Source: Reuters - 🏆 2. / 97 Read more »

Morgan Stanley raises its 'bull case' on Tesla to $1200Morgan Stanley's most optimistic scenario would mean that the Tesla rally continues, with shares climbing another 50%. the biggest bear making the most stupid bullish call…. Based on what? The car sell for $80k and prices over $400k comeonman Sure. Just keep printing money and poor it into this ponzi wall street club. Wonder if we still can buy a (Tesla) car under $1Million in the year 2025.
Source: CNBC - 🏆 12. / 72 Read more »