Tesla (TSLA:NASDAQ) shares soared to new highs Monday after a major Wall Street research firm Piper Jaffray raised its price target on Tesla by 65% to $368. News of the upgrade sent Tesla shares soaring to new highs, catapulting the stock to an over 40% gain this year.
“We have driven a Tesla for seven months in preparation for this report, and after conducting investor meetings with the company last week, we’re finally ready to take a stand,” said Alexander Potter an analyst at Piper Jaffray. Potter further noted that Tesla has a “captivating impact on consumers and shareholders alike”, something that gives the Elon Musk-led company a competitive advantage that will be difficult to replicate.
“In many ways, TSLA seems to play by its own rules,” says Potted, adding that Tesla continues to burn through cash a a rate that “better-established companies would likely be crucified for,”. Combined with “unreasonably fast” production timelines, and a model that “spurns industry norms,” referring to Tesla’s direct to consumer sales model, has prompted Piper Jaffray to change its rating on the stock from $223 to $368.
The new rating is the highest price target set on Tesla by a major Wall Street research firm, according to FactSet. Tesla held a $500 price target set by smaller firm Dougherty & Co. since October.
Tesla shares are trading up 3.09% at $311.89 at the time of this writing.
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