Why Tesla Stock Raced Ahead on Monday
Busting out of a two-day losing streak, shares of Tesla (NASDAQ: TSLA) were up 3.1% as of 10:55 a.m. ET Monday in response to a bullish note from investment bank Piper Sandler.
As StreetInsider.com relates this morning, Piper Sandler decided to give Tesla some love this Valentine's Day, reiterating its buy rating on the stock and raising its price target to $1,350 -- implying that new buyers can expect to see as much as a 55% gain on the electric car company's shares this year.
Updating its valuation to account for new "forecast ... deliveries, capex, and margins," Piper says it expects Tesla to generate more cash going forward, such that the stock is now worth more on a discounted cash flow-based model.
Source Fool.com
