Doing the happy dance: It has added 36% this week alone, and more than doubled just in 2020
It’s difficult for Wall Street analysts to explain the momentum behind Tesla Inc. Some of them have never seen anything like it.
The rally might just be inexplicable, as Argus Research’s Bill Selesky found out. Selesky set a US$808 12-month price target on Monday that made him one of the most bullish analyst on the electric car maker. In one day, Tesla surpassed it, leaving him to question its sustainability. This week’s move was likely powered by Panasonic Corp.’s announcement that its battery partnership with Tesla had been profitable for the first time, Morningstar analyst David Whistom said.
Craig Irwin, analyst, Roth Capital Internally, Tesla is looking to post four consecutive profitable quarters in 2020 when the most it has managed in the past is two. Externally, investors and analysts are beginning to look at Tesla as a tech company instead of an automaker and are comparing its growth story to that of Amazon.com Inc.
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