Tesla: share near 600 dollars on Goldman support

(CercleFinance.com) - Tesla shares were on track to hit the 600-dollar mark again on Thursday, after Goldman Sachs upgraded the stock and set a bullish target price for the share of the Californian electric-auto maker.


Goldman has lifted the stock to "buy" from "neutral," noting that the industry is continuing to shift towards electric vehicles (EVs) more quickly than it anticipated.

The broker therefore raised its target price to 780 dollars, from 455 dollars, and boosted its long-term sales outlook and margin expansion.

"We believe that the shift toward battery electric vehicle (EV) adoption is accelerating and will occur faster than our prior view," said Mark Delaney, a Goldman analyst.

As a result, Goldman is raising its outlook for EV adoption and now expects EVs to represent 18% of sales globally in 2030 and 29% in 2035.

The Tesla shares rose by as much as 4.5% on the Nasdaq following these comments.

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