US Securities Firms Raise Tesla Target Price
Unusual Bullishness Predicts Possible $700 Milestone
[Asia Economy New York=Correspondent Baek Jong-min] Ahead of the 'Battery Day,' U.S. securities firms have raised their target prices for Tesla.
On the 18th (local time), according to U.S. media, Wedbush raised Tesla's target price from the previous $380 to $475. Wedbush also projected that in an unusually bullish scenario, Tesla's stock price could rise to $700.
Piper Sandler also set a new target price of $515, up from the previous $480. Piper Sandler's target price is 21% higher than the closing price on the 17th.
Piper Sandler made this decision after reviewing Tesla's energy business sector, stating that "high demand is expected for the relevant products."
Wedbush Securities explained the surge in demand for Model 3 vehicles in China as a reason for the target price increase.
Wedbush also raised expectations for Battery Day, suggesting that it could be a 'game changer' and anticipating the announcement of a 'million-mile battery.'
With Battery Day approaching and target prices being raised, Tesla's stock price, which had recently rebounded after a significant correction, rose by 5% at the market opening and started trading around the $445 level.
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