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Tesla Stock Surges 81%: What’s Next for Elon Musk’s Empire?

Daniel Kim Views  

Tesla had a successful rebound in a short period after its year-long decline. Tesla’s Q2 results later this month will dictate the future direction of the stock price. However, Wall Street is divided according to Tesla’s forecast.

According to Yahoo Finance on the 7th, Tesla closed at $251.52 on the 5th, up 81.2% from the 52-week low of $138.80 recorded on April 22. It led the New York stock market and stood out from other big tech companies.

Domestic investors also turned favorable to Tesla. As of the 4th of this month, domestic investors’ holdings of Tesla stocks amounted to $ 14.669 billion, exceeding Nvidia’s $13.422 billion.

The securities market evaluated Tesla’s recent surge with mixed results. The optimistic view suggests that Tesla will continue to rise, while the skeptical view believes that Tesla can no longer compete in the electric vehicle market.

JP Morgan analyst Ryan Brinkman, who is pessimistic about Tesla, said, “The total (electric car) delivery volume was about 22% less than the Wall Street consensus (forecast) at the beginning of the year.” He also evaluated that “Tesla lost its position in the electric car industry in the first half of the year.” He recommended reducing the weight while maintaining Tesla’s target stock price at a much lower level of $115.

On the other hand, Dan Ives, a researcher at Wedbush Securities and a Wall Street bull on Tesla, raised Tesla’s target price to $300, evaluating that the number of electric cars delivered in the second quarter was a major turning point. At the same time, he also predicted that the stock price would rise to $400.

Major investment banks pointed out that Tesla’s Q2 results will be crucial to determine future stock prices. The Q2 performance will be announced on the 23rd.

Gregory Francfort, an analyst at Canaccord Genuity, explained, “We’re increasing the valuation multiple from about 26 times to 28 times, reflecting higher confidence in Tesla’s growth outlook and additional growth potential,” and added, “Tesla’s earnings report to be announced on the 23rd will be more important than ever.”

Daniel Kim
content@viewusglobal.com

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