Tesla Bull Case Price Target Raised to $1,000 by Wedbush

If all goes to plan for Tesla, shares will reach the $1,000 mark in the next 18-24 months, according to Wedbush analyst Dan Ives. The firm raises its bull case price target on Sunday, citing a strong outlook for EV demand trajectory. Tesla shares hit the $1,000 mark for the first time ever in June. A 5-1 stock split in September brought the price back below $500.

Wedbush Report Snapshot

• expects vehicles ramp from ~3% of total auto sales today to around 10% by 2025 -says overall EV sales in China can double over next few years, with Tesla benefiting disproportionately. Europe to be a hot spot in 2021, too

• lists possibility of Biden Administration increasing EV tax credits as a catalyst in the domestic market

• Base case PT lifted to $560 from $500

• maintains NEUTRAL rating

• mentions GM, Ford, Fisker, and Rivian as EVs that can also capitalize on U.S. EV market