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Tesla stock price target doubled to $1,400 by Credit Suisse as analysts caution any upset could trigger a correction
Credit Suisse doubled its stock price target on Tesla Inc. undefined to $1,400 from $700 on Friday, and said the stock is “priced to perfection,” meaning any material upset would drive a correction. Tesla shares have gained a stunning 259% in the year to date, while the S&P 500 undefined has fallen 0.5%, driven by “euphoria’ about electric vehicles, a run of promising datapoints and heightened interest from retail investors, who have become more active during the pandemic. Coming positive catalysts include Battery Day, when Tesla is expected to unveil a long-lasting battery for its future vehicles, and second-quarter earnings that may show a profit, said analysts Dan Levy and AJ Denham. The company is expected to reveal plans to expand capacity, and could double it from
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For investors remaining sidelined after the market’s impressive bounce back, the opportunity may now be too enticing to ignore. According to J.P. Morgan strategist Nikolaos Panigirtzoglou, COVID-19 will drive equity supply growth as companies pivot away from buybacks in an effort to raise capital, with 2019 marking the first time since 2015 that the net supply of shares, or the share issuance adjusted for de-listings and buybacks, increased materially.Alarming for investors, the previous decade-long trend of declining equity supply in part fueled the market’s bull run as buybacks pushed earnings higher. Some analysts also point out that a larger equity supply could weigh on stocks and cause volatility if companies don’t purchase shares when their stocks fall.Panigirtzoglou, however, takes a different stance. He notes that the drop in buybacks hasn’t negatively impacted the market yet. In fact, he argues the low returns for both bonds and cash will