Shares of EV major, Tesla (NASDAQ: TSLA) seemed to be headed for an eleventh straight day of gain on Friday and were up in morning trading after analysts viewed positively the company’s deal for its charging network with automobile majors including GM (GM) and Ford Motor Co. (F).
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
Top-rated Wedbush analyst and a long-time bull on TSLA, Daniel Ives added the stock to its ‘Best Ideas’ list, reiterating a Buy and raising the price target to $300 from $215. The analyst’s price target is the highest on the Street and implies an upside potential of 27.7% at current levels.
The analyst stated that with its collaboration with GM, Tesla’s sum-of-the-parts valuation “now further comes into play” with its foray into autonomous driving, supercharger network, battery ecosystem, and its decision to ramp up its production globally. The analyst believes that this deal will allow TSLA to better monetize its supercharger network.
Ives commented, “Tesla is playing chess while other automakers are playing checkers in this broader EV green tidal wave.”
Even Evercore analyst Chris McNally estimates that by 2030, Tesla’s Supercharger network could generate revenues in the range of $4 billion to $6 billion, with around $1.1 billion to $1 billion revenues coming in from non-Tesla customers.
Analysts are cautiously optimistic about TSLA stock with a Moderate Buy consensus rating based on 15 Buys, 10 Holds, and four Sells.
