Tesla price target raised to $230 from $180 at Jefferies

Jefferies raised the firm’s price target on Tesla to $230 from $180 and keeps a Buy rating on the shares. The company’s investor day last week demonstrated that Tesla remains very much a "Day 1" company, the analyst tells investors in a research note. The firm says a lack of new product announcements does not imply major growth delays. Scaling up models 3 and Y further through dynamic pricing could limit the scope for earnings surprises in 2023 and 2024 but benefit free cash flow and return on invested capital, Jefferies contends. It raised Tesla’s 2023 and 2024 operating earnings estimates by 10% and 8%, respectively, with Q1 seen as a trough.