Tesla is set to report quarterly results tomorrow after market close. Wedbush analyst Daniel Ives is out with his lastest price target on the stock of the electric car maker.
According to The Fly: Wedbush analyst Daniel Ives said that, as of now, he does not see any major disruption on the horizon for Tesla post Chinese New Year, other than maybe a timing issue, as the impact around Shanghai still appears to be in flux amid the coronavirus outbreak in the country. He is “not overly concerned that the China bull thesis takes a major dent despite the tragic coronavirus outbreak,” said Ives, who ultimately believes Tesla can hit a 150,000 run-rate for units in China over the next year. Ives also noted that Tesla has been saying all its China vehicles will have free supercharging to facilitate travel until the outbreak is resolved, which he views as “a smart strategic move.” Ives maintains a Neutral rating and $550 price target on Tesla shares.
Tesla Market Cap is presently $101.748B. Still holding above the $100B that is needed for the electric car marker CEO Elon Musk to receive is huge promised bonus.
The share of the most talked about electric car maker has been rallying since Tesla posted positive results for third quarter. Tesla will have to clear a higher bar this time. Analysts are expecting an adjusted profit of $1.74 a share for the fourth quarter, a little short of what the company earned both in the prior three months and year-ago period.
On the basis of steady demand growth and cost control, the electric car maker beats 2019 third quarter earnings estimates by a whopping 1.340 percent. Tesla however has only managed to beat expectations in just one of the four quarters trailing though.
Tesla has overtaken Germany’s Volkswagen to become the world’s second most successful automaker. Tomorrow on the other hand, will test the ability of Tesla to maintain this position or take on Toyota, the number one most valuable car maker in the world, which has a market cap of more than $234 billion.
Check out the Video below from one of Tesla’ YouTubers HuperChanger: