Tesla stock in danger of snapping win streak, while Argus Research analyst boosts price target by 30%

tesla-stock-in-danger-of-snapping-win-streak,-while-argus-research-analyst-boosts-price-target-by-30%

Shares of Tesla Inc. TSLA, -0.68% slipped 0.2% in midday trading Tuesday, paring earlier gains of as much as 2.3%, and putting them in danger of their first loss in five sessions. Meanwhile, Argus Research analyst Bill Selesky affirmed his buy rating and boosted his stock price target by 30%, to $1,313 from $1,010, citing an improved earnings outlook and as Chief Executive Elon Musk appears to have completed his stock sales. Selesky said Telsa is the “undisputed leader” in the electric vehicle industry, with “unparalleled” brand recognition. “Additionally, Tesla’s recent announcement to open its Supercharger Network to other non-Tesla vehicles is a brilliant strategy, in our opinion, as Tesla not only has the largest fast-charging network in the world, which would benefit any EV owner, but it would also generate a new and potentially immense revenue stream in the years ahead by charging non-Tesla EV owners a fee for the use of a fast-charging Tesla Supercharger,” Selesky wrote in a note to clients. Tesla’s stock, which soared 21.6% during a four-day win streak through Monday, has run up 54.7% this year while the S&P 500 has gained 27.3%.

Source: Marketwatch

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