Why Tesla Stock Popped Today
Shares of Tesla (NASDAQ: TSLA) rose 3.9% on Wednesday following positive analyst remarks.
New Street analyst Pierre Ferragu believes the electric vehicle (EV) maker's investors are in store for sizable rewards. He expects Tesla's stock price to soar more than 40% to $1,580 per share in the year ahead, fueled by production increases and improving profitability.
Ferragu says Tesla's new manufacturing facilities in Texas and Berlin will help it ramp its production to an annual rate of 1.8 million vehicles by the end of this year. He also predicts that Tesla's operational improvements will allow it to generate $0.30 of gross profit for every $1 in sales in 2022.
Source Fool.com
