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Tesla (TSLA) +2% as Jefferies sets buy rating as EV demand grows
Tesla (TSLA) traded up on Monday after Jefferies said that it was a market leader in terms of mass production and innovation amid the growing demand for electric cars.
Tesla (TSLA) eased 2% higher in early trading on Monday after Jefferies analysts set a new buy rating on expectations of a medium-term stock rally amid the electric carmaker’s strong position in EV and battery markets.
Philippe Houchois was in a bullish mood as he pivoted from neutral to buy and added $150 to a higher $850 price target in a new note on Monday that highlighted Tesla’s ability to increase its margins.
Houchois believes that Tesla is the leading light in terms of mass production and innovation in both the green-energy vehicle space and the increasingly important battery market.
He also highlighted Tesla’s “lack of legacy issues” compared with other notable manufacturers that are now trying to flesh out their own EV offerings.
With demand for EVs strengthening and the other upsides boosting Tesla, Houchois sees TSLA rising by 22% on the stock market during the next 12 months.
Other automakers are not ready to capitalise on the trend though as Jefferies downgraded Daimler (DAIMF) to hold after it said that its attempt at EV transformation would only have a limited impact.
The bank also shaved $15 off a lower $53 price target for General Motors (GM) on Monday.
Analysts have not been enthused by the American carmaker’s recent product cycle and believe that key rivals Stellantis (STLA) and Ford (F) have the edge in 2021.
In other Tesla news, the company reportedly told employees in Nevada that they must wear masks to limit the spread of the COVID-19 Delta variant.
Tesla shares were trading up at the start of the new week with the 2.29% rise by late morning setting a new $715.14 price on the Nasdaq.
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