Tesla: Canaccord Bumps Price Target Up To $940 After AGM

Thursday night, on October 7th, Tesla (NASDAQ: TSLA) held their annual general meeting, where Elon Musk announced a consortium of recent developments for the company. Some such developments include:

  • Moving Tesla’s headquarters to Austin Texas
  • Cybertruck likely to start production in 2022 and reach volume production by 2023
  • Telsa has no plans to issue a stock dividend
  • Expects to increase production at the Fremont facility by 50%
  • Telsa won’t start producing 4680 cells in Texas this year, but will see volume production by 2022
  • Will announce a new plant next year

Currently, there are 40 analysts covering Tesla with an average 12-month price target of $692.76, or a downside of 13%. Out of the 40 analysts, 11 have strong buys, 6 have buys, 13 analysts have hold ratings, 6 have sells and 4 have strong sell ratings. The street high sits at $1,591 from Elazar Advisors while the lowest comes in at $67.

After the annual general meeting, Canaccord Genuity raised their 12-month price target to $940 from $768 and reiterated their buy rating on the stock, saying “Tesla shareholder supports our Energy Ecosystem thesis, and delivery mix increases margin.”

They say that during the AGM, Elon touched on some of Canaccord’s key investment points, which are centered around Tesla creating an “Apple-esque brand and ecosystem of energy products.” Elon Musk said that Tesla is founded on three pillars: renewable energy generation, battery storage, and electrified transport.

Canaccord touches on Tesla’s / Musk’s comments on the 4680 cell production, saying that by the end of 2022, 4680 cells will be in high enough production to supply cells for all of Giga Texas Model Y’s at full production. This will free up the 2170 cells for the Powerwall and Megapack production.

Below you can see Canaccord estimates.


Information for this briefing was found via Sedar and Refinitiv. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Why Copper Juniors Could Explode After This Trade War Move | Christian Easterday – Hot Chili

Silver Is Rarer Than Gold, And the Market’s Waking Up | Shawn Khunkhun – Dolly Varden Silver

Gold Will Hit North of $4,000: Who’s Actually Producing? | Shane Williams – West Red Lake

Recommended

ESGold Sees ANT Survey Reveal Vertically Continuous System To 1,200 Metres Depth

First Majestic Produces 7.9 Silver Equivalent Ounces In Q2, Lifts Production Guidance

Related News

BMO Forecasts Bleak Results For Micron Technology

Micron Technology (NASDAQ: MU) is expected to report its fiscal fourth quarter results on September...

Saturday, September 24, 2022, 03:31:00 PM

Week Ahead: Earnings Expectations For WMT, COIN, TDOC, NVDA And More

As we reach the end of a tumultuous earnings season with roughly 81% of the...

Monday, February 20, 2023, 02:34:00 PM

Haywood Reiterates Lundin Mining’s $12 Price Target Following Josemaria Acquisition

On December 20th, Lundin Mining (TSX: LUN) announced that they would be acquiring Josemaria Resources...

Sunday, January 2, 2022, 01:44:00 PM

Edmunds: “The Fact is Every Single Tesla We’ve Tested Has Failed to Hit Its EPA Range Estimate”

Tesla has dominated headlines over the past week, largely with its $1.5 billion Bitcoin purchase...

Saturday, February 13, 2021, 03:48:00 PM

CN Rail: BMO Resumes Coverage With $155 Price Target

A number of analysts changed their recommendations and price targets on Canadian National Railway (TSX:...

Sunday, September 26, 2021, 01:38:00 PM