Few hours after Bernstein analyst Toni Sacconaghi raised the price target on Tesla to $730.00 (from $325.00), and Morgan Stanley’s Adam Jonas increased his most optimistic projection for Tesla to $1,200 a share from $650, Piper Sandler Cos. analysts said as they increased their price target by more than 27%. Piper raised it to $928 from $729.
Bloomberg reports that analysts Alexander Potter and Winnie Dong wrote in a Feb. 18 note that: “It’s easy to forget that TSLA sells batteries and solar power products; after all, the segment was only 6% of sales in 2019, But management says that the solar+storage business will one day rival the Automotive segment, and if this is true, then investors will eventually need to pay attention.”
In order to gauge Tesla’s chances of success in generating and storing solar power, the analysts recently installed a solar-based system to use for charging a Model X and the results have been “illuminating” so far, they wrote in the note. Piper’s new price estimate implies an 8.1% advance from the last close.