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Tesla stock is upgraded by Wedbush after paradigm shift



After quarterly deliveries exceeded expectations, Wedbush Securities has raised its outlook for Tesla.

On Sunday, Wedbush raised Tesla’s TSLA price target.
-0.93%,
From $950 to $1,000, the price of a long-term call option is $1,300. Tesla shares closed at $661.75 on Thursday (Friday’s close).

Wedbush analyst Daniel Ives also upgraded its rating from hold to outperform. He said in a report: “We believe that the first-quarter deliveries released on Friday are a paradigm change.”

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On Friday, Tesla reported its first-quarter deliveries (its sales agent), totaling 184,800 vehicles, exceeding FactSet’s forecast of 168,000 vehicles. The Silicon Valley electric car manufacturer said that during what Ives called “lower microphones,” the company produced only 180,000 cars.

Ives said on Sunday: “Although chip shortages and various supply chain issues linger in the automotive industry, Tesla now believes that Tesla’s annual delivery may exceed 850,000, with a target of 900,000.” He added Said: “The shocking number of deliveries from China, whose pace trajectory will account for about 40% of Musk & Co.’s deliveries by 2022.”

Ives and his team also believe that Tesla’s profitability will increase significantly in the next three to four years.

Year-to-date, Tesla shares have fallen 6.2%, but have soared 628% in the past 12 months.


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