Analyst Jed Dorsheimer upgraded Tesla’s stock to buy from hold and gave it a target of $1,071 on its energy market focus, according to Bloomberg. The analyst predicts Tesla’s energy generation and storage endeavor could yield up to $8 billion of revenue by 2025.
Dorsheimer expects that Tesla’s Apple-esque ecosystem of energy products, harmonized in electrification, will become The Brand in energy storage.
Dorsheimer’s $1,071-a share, up from $419 previously, suggests an almost 60% upside for a stock that has surged almost six-fold in the past year.
The analyst’s price target values Tesla’s stock and net debt at 63 times his estimate of the company’s earnings in 2024.
Tesla is tapping all available resources to meet battery demand, including in-house production at its Fremont site and supply agreements with LG Chem Ltd-Dorsheimer.
The analyst predicts that as supply constraints ease, the electric vehicle maker will meet the demand for its Powerwall home storage, often paired with solar installations.
Cathie Wood’s Ark Invest Management projects Tesla will hit $3,000 by 2025Tesla stock is currently gaining. TSLA is up 3.36%
