Tesla Inc. (NASDAQ: TSLA | AAPL Price Prediction) saw a massive upgrade early on Monday, and this could be another step in pushing this electric vehicle company toward a $1 trillion market cap.
Currently, Tesla boasts a market cap of $752 billion and ranks as the sixth-largest public company in the world. The only companies ahead of it are Apple, Microsoft, Amazon, Alphabet and Facebook. Not a bad club to be in.
In terms of the upgrade, Piper Sandler assumed the role of the biggest bull and raised its price target on the stock to a street-high $1,200 from $515. That would imply upside of 51% from the most recent closing price of $793.53. This implied upside is more than enough to reach the $1 trillion mark.
Piper Sandler also noted that Tesla could have new opportunities to pursue for decades due to its target industries currently embracing outdated business models.
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Excluding Monday’s move, Tesla stock had vastly outperformed the broad markets with a gain of about 519% in the past 52 weeks. Year to date, the share price was up only 12.5%.
For comparison, other recent analyst calls in the month of January were a lot more bearish:
- Roth Capital reiterated a Neutral rating with a $150 price target on January 28.
- Credit Suisse reiterated a Neutral rating, also on January 28.
- JPMorgan reiterated it as Underweight but raised its target to $135 from $125 on January 28.
- JMP Securities downgraded it to Market Perform from Outperform on January 28.
- Edward Jones initiated coverage with a Hold rating back on January 13.
- RBC upgraded the stock to a Sector Perform from Underperform on January 7.
Tesla stock traded up 2.6% on Monday to $814.06, in a 52-week range of $70.10 to $900.40. The consensus price target is $553.66.
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