By Noel Randewich
Canaccord Genuity analyst Jed Dorsheimer upgraded Tesla to “buy” from “hold” and increased his price target to $1,071, the second highest among 37 analysts tracked by Refinitiv.
“TSLA is rapidly creating an Apple-esque ecosystem of energy products, harmonized in electrification, to become The Brand in energy storage,” Dorsheimer wrote in a client note focused on Tesla’s battery technology and residential energy products.
The latest bump in Tesla’s stock leaves it down about 1% for the year as investors await its quarterly results due in two weeks.
Tesla’s stock remains up over 500% in the past 12 months, and its $668 billion market capitalization makes it by far the most valuable carmaker, even though its production is a fraction of rivals such as Toyota Motor Corp, Volkswagen AG and General Motors Co.
When it reports its March quarter results on April 26, analysts, on average, expect a 70% jump in revenue to $10.2 billion, and net income of $504 million, up from $16 million a year ago, according to Refinitiv.
On Sunday, cryptocurrency exchange Binance Holdings Ltd said https://www.binance.com/en/blog/421499824684901927/Trade-Stock-Tokens-on-Binance it was giving its clients access to the stock market with the launch of tokens representing Tesla shares, priced in Binance USD, a “regulated stablecoin” pegged to the dollar.
(Reporting by Noel Randewich; Editing by Bernadette Baum)