[TAG0][TAG1]
- Wedbush announced Thursday that Tesla's Q4 earnings were strong and the guidance is a solid foundation for the stock's return to $200.
- Wedbush also increased its price target from $200 to Tesla, which implies a 38% upside for Tesla stock starting Wednesday's close.
- Analyst Dan Ives stated that Tesla's demand story "roaring out the gates" in 2023.
According to Wedbush who raised its price target after Tesla beat fourth-quarter earnings estimates, Tesla shares could recoup $200.
In a Thursday note, Dan Ives raised his Tesla price target from $175 to $200. This means that shares could rise by 38% from Wednesday's close of $144.43. Since early November, shares have not traded above $200.
Late Wednesday, Tesla posted per-share earnings at $1.19 compared to a Refinitiv consensus forecast for $1.05. In a conference call with analysts, CEO Elon Musk stated that recent price cuts had made a difference during the quarter.
"[With] Twitter noise beginning to dissipate, and the demand story roaring through the gates in 2023 despite the darker macro, this allows us to walk away incrementally more bullish about Tesla into 2023," stated Ives.
Musk also stated that he had a "hittable/beatable" delivery target of 2023, which could prove conservative given a rebound in demand from China after recent price cuts for its Model Y vehicles and Model 3.
Tesla expects to deliver 1.8 million cars by 2023, an increase of 37% over the 1.31 million cars delivered in 2022.
Ives stated that while Tesla may sacrifice margins in the short-term to make higher volumes, this is a strategic move that will put an iron fence around its customer base, as well as fend off increasing EV competition from China, Europe, and Detroit.
As Thursday trade began, Tesla stock surged 9% to %157.74. The stock fell by 64% in 2022 and landed among the 10 worst performing stocks on the S&P 500.
Ives is one of many analysts and investors who have stated that Tesla stock was under pressure after Musk's purchase of Twitter in October.
—————————————————————————————————————————————
By: insider@insider.com (Carla Mozée)
Title: Tesla earnings lay the groundwork for another 38% rise in the stock after the EV maker delivers upbeat guidance, Wedbush says
Sourced From: markets.businessinsider.com/news/stocks/tesla-stock-200-q4-earnings-elon-musk-delivery-guidance-vehicles-2023-1
Published Date: Thu, 26 Jan 2023 14:55:12 +0000
Related posts:
Wedbush’s Dan Ives claims that Tesla stock could climb 35% after recent price cuts in China.
Tesla’s aggressive price cut may have annoyed some buyers — but it worked.
Top Tesla investor is feeling remorse for selling his stock and believes Elon Musk has ‘killed’ the EV business with stock sales
Tesla’s price drops have triggered an increase in buyer curiosity
Leave a Reply