TESLA

Company share exceeds $1,000 with strong demand in China

Tesla's shares surpassed the $1,000 mark for the first time on Wednesday(10/06). The increased demand for the Model 3 in China led Wedbush analysts to celebrate the “huge” opportunity in the market and to highlight the company's ongoing work in the battery segment.
Analyst Daniel Ives classified demand from China as “a bright beam of light for Tesla in a macroeconomic dark scenario”, with the company on track to achieve 100,000 deliveries from the local factory in the first year. Ives maintained the neutral recommendation for the stock, but raised the target price from $800 to $1,000 and warned that the new scenario of greater optimism outlined by him implies that the shares may be worth $1,500, compared to $1,350 previously.
According to Ives, rising demand for electric vehicles in China combined with easing social isolation in the U.S. and much of Europe and the potential for announcing striking developments in batteries during a company event this month suggest that stocks may rise more.



Shares in the Palo Alto, Calif.-Based electric vehicle maker rose 6.8% on Wednesday and hit a record $ 1,005. The share price multiplied by almost five last year and the market value increased to $ 185 billion.
Tesla's long-awaited "Battery Day" will give President Elon Musk an opportunity to announce new potential developments, according to Ives. He believes the company is close to announcing a 1 million-mile battery. 

by Autonews