Tesla Growth Stock to Buy Before It Soars 684%, According to Wall Street
This article showed why Tesla's share price will continue to soar. The writer also said Tesla is a growth stock:
While the sticker price might be enough to scare away value investors and short-term traders, I'd argue it's not a wholly unreasonable valuation for an industry leader with clear catalysts, strong and growing momentum, and a long road ahead.
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3 Catalysts
In fact, many analysts are particularly optimistic regarding the prospects for Tesla (TSLA 1.25%), the world's leading electric vehicle (EV) maker. If Wall Street is right, this stock is set to soar 684% by 2027. Let's look at the catalysts that could drive it higher:
1) The Model Y -- Tesla's most popular model -- became the best-selling car in the world in the first quarter of 2023, the first time an EV had achieved that distinction, according to automotive industry publication Motor1. The report cited data from 152 markets worldwide, saying Model Y sold 267,200 units, up 69% year over year and beating out perennial favorites like the Toyota Corolla and RAV4.
2) In early June, it was announced that the full line of its Model 3 and Model Y vehicles are now eligible for the entire $7,500 federal EV tax credit, in addition to numerous state and local credits. In at least 10 U.S. states, this puts the price of these vehicles in the range of $26,00 to $30,000, making the cost comparable to rival cars with internal combustion engines (ICEs). This price parity will no doubt increase demand.
3) Over the past month or so, there's been a groundswell of other EV makers moving to adopt Tesla's North American Charging Standard (NACS) charging port and join its Supercharger network... Each and every company cited Tesla's large and growing network and the reliability of its chargers as influencing their decision. This trend makes Tesla's connector the de facto industry standard, representing an opportunity to generate billions of dollars in additional revenue.
Tesla's Stock rating upgrade to Buy or Strong Buy
While it continues to be a battleground stock, much of Wall Street remains firmly behind Tesla. Of the 23 analysts that cover it, 16 have a buy or strong buy rating and only one recommends selling:
One of the more bullish takes comes courtesy of Jennifer Liang of KGI Securities, who recently upgraded Tesla to outperform (buy) with a Street-high price target of $335. The analyst posits that the company's significant spending to build out its EV assembly and battery manufacturing facilities will "bear fruit in 2023."
Wedbush analyst Dan Ives is similarly bullish with an outperform rating and $300 price target. He cites Tesla's Supercharger network, battery production capabilities, and self-driving potential as creating an ecosystem that's "unmatched," while noting the likelihood of expanding margins as the company scales its production capacity.
Ark Investment Management CEO Cathie Wood is looking much further down the road, suggesting that Tesla stock will soar 668%, hitting $2,000 by 2027... While some might view this as a pie-in-the-sky estimate, consider this: Over the past five years alone, Telsa stock has gained more than 1,000%, and it is up more than 3,500% over the past decade. That makes Ark's call for a 900% gain seem much more plausible.
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$BYD COMPANY (01211.HK)$ $BYD Co. (BYDDF.US)$ $S&P 500 Index (.SPX.US)$ $Nasdaq Composite Index (.IXIC.US)$ $Tesla (TSLA.US)$ $VOLKSWAGEN A G (VWAGY.US)$ $NIO Inc (NIO.US)$ $Li Auto (LI.US)$ $XPeng (XPEV.US)$ $General Motors (GM.US)$ $Ford Motor (F.US)$ $Rivian Automotive (RIVN.US)$ $MERCEDES-BENZ GROUP AG (MBGAF.US)$ $TOYOTA MOTOR CORP (TOYOF.US)$ $GEELY AUTO (00175.HK)$ $Lucid Group (LCID.US)$
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I reflected trading experiences by writing journals. My comments are for educational purposes not financial advice.
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ZnWC OP : Someone forecasted Tesla's target price (TP) between USD 146 to USD 177 in May when the share price is bearish. Using TA indicators like RSI and EMA to show that it was 'overbought' and advised to start selling. A month later, the goal pole was shifted to between USD 242 to USD 340 when the share price reversed and started to rally in June.
Sound familiar? This is how so called analysts gave rating and set TP - keep switching. Giving such a wide range TP and moving forcast based share price is not helpful at all and can be misleading. A friend told me you should take such analysis with a pinch of salt.
Study has shown that some TA indicator like RSI is not suitable for uptrending market and can remain 'overbought' for a long time. You should verify the data given by indicator with market conditions and company's fundamental.
moomoo247 : Bears will say there is no mass production yet and go short hard
73151055 : T