New York — Tesla Motors was on a tear on Thursday morning, owing to an analyst upgrade from long-time bull, Morgan Stanley’s Adam Jonas. Jonas has been encouraged by, among other things, Tesla CEO Elon Musk’s appointment as a strategic adviser to president-elect Donald Trump, as well as growing evidence of electric vehicles entering the mainstream, at least when it comes to strategic planning in the wider car industry. Above all, Jonas now forecasts Tesla will sell 183,000 units of its forthcoming mass-market Model 3 car in 2018. That is up from a previous forecast of 114,000, although still far below Tesla’s stated target of 500,000. Nevertheless, higher Model 3 estimates for 2018 and beyond add $81 to Jonas’s price target, taking it from $242 to $305. Tesla had closed at $238 and change just before Thursday’s upgrade, so Jonas’s $242 target was looking due for an increase: The last time it was appreciably below Tesla’s actual price was back in early 2014, just before Jonas doubled...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.