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Tesla (TSLA) rises 4% on Goldman’s huge price target upgrade
Tesla (TSLA) shares climbed 3.94% on Thursday after Goldman Sachs pivoted to a buy rating and set a much higher price target ahead of the electric carmaker’s addition to the S&P 500 index.
Despite Tesla’s recent successes, which include the four consecutive quarterly profits that made it eligible for the S&P, Goldman has remained on the sidelines with a neutral rating.
That changed on Thursday when analyst Mark Delaney offered a new buy rating for Tesla in his latest coverage.
Even more bullish was Delaney’s decision to hike the price target by a considerable 70% to $780, which makes it the highest on Wall Street.
Delaney noted that Tesla’s hold on the electric vehicle market could translate to the production of up to 20m models every year by the late 2030s.
He added: “The shift toward battery electric vehicle adoption is accelerating and will occur faster than our prior view.”
Delaney is forecasting the production output on the prospect of Tesla commanding a 25%-29% share of the market in the long term.
The boost from Goldman saw Tesla shares jump out of the gate on Thursday, and at just after midday ET on the Nasdaq, there were 4.06% gains for a new $591.86 price.
There are now less than three weeks until Tesla joins the S&P 500, after it was confirmed in November that it would finally be added to the equity index.
Since the announcement, TSLA shares have soared 40% to extend the company’s quarterly rise to 55%.
Tesla, which now commands a $539.2bn market cap, will be sandwiched between Visa (V) and Berkshire Hathaway (BRK.B) on the benchmark from 21st December.
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