Analysts Up Tesla Price Targets as TSLA Hits New Highs Post-Split

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    TSLA’s 5-for-1 stock split has now been completed and the stock continues to set new all-time highs, trading as high as $500 per share ($2,500 pre-split) on Monday. As analysts issue updated notes to account for the split, some TSLA price targets continue to rise as well.

    Argus Research analyst Bill Selesky has increased his TSLA price target from $378 to a street-high $566 per share.

    « Despite the stock’s strong recent run-up and high P/E multiples, we see further upside based on the company’s improving production outlook and accelerating consumer demand, » wrote Selesky. The $566 price target would imply a market cap just above $525B and 13% upside from Monday’s highs.

    Canaccord Genuity analyst Jed Dorsheimer has also increased his price target from $325 per share to $442 per share, post-split. Interestingly, the increased price target seems to be based on market sentiment rather than a revised forecast.

    « We have adjusted our price target and model to reflect the split but have made no other changes to our forecasts, » notes Dorsheimer.

    « While the split does not change the value, we suspect momentum traders and retail investors will find the lower threshold per share more attractive, » Dorsheimer adds. Canaccord Genuity maintains a hold rating on TSLA stock.

    New Street Research’s Pierre Ferragu, who once held a street-high price target on TSLA stock, is less bullish at these levels. Ferragu has downgraded the stock to a neutral rating. « I’m just telling investors, ‘when the stock pulls back, look at it again.’ But for now it’s probably fully valued, » Ferragu told Fox Business.

    Is Tesla overvalued at $1,900 per share or is there more room to run in the short and long term?



    SOURCE: https://www.w24news.com

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