What to do with the securities of Tesla, Alimentation Couche-Tard and Alithya? Here are some analyst recommendations that could move prices soon. Note: the author may have a totally different opinion from that expressed by the analysts.
Tesla (TSLA, $251.60): Wedbush analyst raises one-year price target to $300
Wedbush analyst Daniel Ives raised his one-year price target for electric vehicle maker Tesla to US$300 from US$215.
“The sum of the parts comes into play at Tesla, with its network of superchargers, its energy business, its artificial intelligence technology for autonomous vehicles, its unparalleled battery ecosystem and its ramping up production. This makes Tesla a golden success in the electric car industry, ”says the analyst in a note to his clients.
He adds that demand for the company’s vehicles is growing strongly in both the United States and China following the numerous price cuts announced in recent months. “Profit margins are stabilizing and should bottom out within a quarter or two,” he said.
Daniel Ives even added Tesla’s stock to his favorite stocks this morning, as he says financial markets begin to recognize the company’s intrinsic value for 2024 and beyond.
“Last night, Tesla announced that it would work with General Motors to allow the latter’s vehicles to plug into its charging stations. (Ford did the same two weeks ago, Ed)”, notes the analyst.
He said that thanks to the agreement with Tesla, owners of electric vehicles manufactured by General Motors will have access to a network of 12,000 supercharger fast charging stations in North America, adding that this same network is still expanding.
“For Tesla, this is a great opportunity to monetize its network of superchargers, which adds to the valuation of the company. We estimate that Ford and GM could add US$3 billion to Tesla’s charging services division over the next few years.
The Wedbush analyst says Tesla is also on track to meet its goal of delivering 1.8 million vehicles this year. In his opinion, the company’s profit margins will start to rise again in 2024. He says that Elon Musk’s company has succeeded in building an “electric vehicle castle” and that it will take advantage of this to monetize its success.