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Tesla (TSLA) +2% as analysts expect Biden’s clean energy push
Tesla (TSLA) rose on Monday after analysts upgraded price targets amid optimism about its Q4 report and the prospect of a renewable energy push by US President Joe Biden.
Tesla (TSLA) and Apple (AAPL) were both making gains on Monday after analysts hyped up expectations for both companies to deliver strong earnings in Q4 financial reports due later this week.
Tesla has been on an incredible bull run recently, and its momentum shows no sign of slowing amid optimism about its ability to scale and the prospect of a clean energy push by new US president Joe Biden’s administration.
Baird analyst Ben Kallo believes that there is more upside for the stock to come and added a whopping $240 to a new $728 price target in an update on Monday.
Wedbush’s Dan Ives said that the election of Biden could create a “goldilocks” environment for tech stocks as renewable energy initiatives are targeted.
Tesla will benefit from this and a growing demand for electric vehicles, according to Ives, who set a new $950 PT, up from $751.
Tesla will post its report after Wednesday’s close.
FactSet analysts see $1.04 per share earnings and $10.5bn sales, which would be a healthy rise from the $0.43 and $7.4bn figures from a year ago.
During trading on Monday, TSLA climbed 2.47% to $867.90 on the Nasdaq.
Apple was also up after Ives revealed that the expected supercycle of upgrades to the latest iPhone 12 models had “become a reality”.
Ives increased his sales forecast for the new family of flagship smartphones by 35% to +90m.
He added: “We have not seen a launch uptrend such as this in a number of years for Apple and the only iPhone trajectory similar would be the iPhone 6 in 2014 based on our analysis.”
Apple became the first company to hit a $2tn valuation last year, but $3tn is already in its sights and Ives believes that the Cupertino-based company could hit that milestone within a year.
Apple, which will also report in midweek, rose 1.86% to $141.65 on Monday.
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