Tesla: Canaccord upgrades stock, more than doubling TP

(CercleFinance.com) - Canaccord has upgraded its rating on Tesla shares to 'buy' (from 'hold'), and has massively increased its target price for them to 1071 dollars from 419 dollars, based on its 2024 EV/EBITDA multiple of 63x, which is three times its peer group average.


"While rich, we also believe Tesla holds a several-year lead and is now expanding aggressively into storage and thus feel our multiple is warranted," the Canadian broker says.

According to Canaccord, battery supply constraints will ease from 2022 onwards, enabling the energy generation and storage business to increase its revenues to 8 billion dollars by 2025.


Copyright (c) 2021 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.