Tesla (TSLA) stock seen rising to $1,000 on ‘green tidal wave’ in the US and China

A top Wall Street analyst released a new report stating that he believes Tesla (TSLA) stock could soon rise to $1,000 per share on a ‘green tidal wave’ coming to the US and China.

As we reported last week, a report came out stating that Tesla’s net new orders are crashing in China due to recent bad press in the market.

Dan Ives, analyst at Wedbush Securities, issued a new note to clients about Tesla in which he stated that the electrification of China’s massive automotive market is just starting:

“Taking a step back, only 5% of auto sales in China are EV driven today and we believe this transformational consumer demand will see a doubling of EV deliveries in this key region over the next two years with Tesla a major beneficiary along with domestic pure plays NIO, Xpeng, Li Auto, and others,”

He believes Tesla will benefit from the accelerated electrification of the market in the next few years.

The analyst also notes that the impact of President Biden’s $174 billion plan to accelerate electrification in the US has yet to be realized.

At this point, we don’t even know all the details of the plan.

Ives was actually the first to report that the EV federal tax credit could go up to $10,000 in the reform of the program.

He was actually right since the latest bill proposed to reform the federal EV incentive included an increase to $10,000 for EVs made in the US and to $12,500 for EVs made in the US by union workers.

However, the bill hasn’t gone to a vote yet, and the final form of the EV tax credit reform is still unclear.

Wedbush reiterated a $1,000 per share price for Tesla’s stock.

Ives is one of the top Wall Street analyst according to Tip Ranks, an analyst ranking firm.

The Wedbush analyst ranked #79 out of 7,545 analysts on TipRanks with a 67% success rate and a 32% average return.

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