Tesla (NYSE: TSLA) stock price soared to a new high as a bull case scenario has reached a $2500 price target. The Tesla share price of the world’s largest electric vehicle company soared 29% in the last five days alone, extending the year to date rally to 338%. Tesla’s stock price is currently trading around the $1900 level.
Wedbush has provided a price target of $1,900, with the bull case price target scenario of $2,500. Its analyst Dan Ives believes that Tesla has been seeing robust demand for its electric vehicles, particularly in Europe and China.
“We continue to believe EV demand in China is starting to accelerate in July/August with Tesla competing with a number of domestic and international competitors for market share with Giga 3 remaining the linchpin of success which remains the prize that Musk and Tesla are laser-focused on capturing,” Dan Ives said.
Bank of America also appears bullish over the future fundamentals of Tesla. The firm has upgraded its ratings for Tesla stock to Neutral from Underperform.
“It is important to recognize that the higher the upward spiral of TSLA’s stock goes, the cheaper capital becomes to fund growth, which is then rewarded by investors with a higher stock price,” John Murphy said.
Morgan Stanley has also lifted Tesla stock price ratings to equal weight from underweight. However, the bank has provided a price target of $1,360.
Tesla has aggressively been working on accelerating its production and deliveries. The company has recently announced to expand its presence in European and Chinese markets with new factory openings. It is also looking to introduce new car designs in the coming days. This is evident from new job postings such as Senior Car Designer and Design Manager.
Tesla has recently approved a five-for-one split of shares. Each stockholder will now get a dividend of four additional shares for each held share.