Dougherty Raises Price Target for Tesla Motors Inc on Back of Energy Storage Products Optimism
The optimism related to Tesla Motors Inc (NASDAQ:TSLA)’s energy storage products was increased today by Dougherty analyst Andrea James. The analyst reiterated a Buy rating on TSLA, while raising the price target to $355 (from $320), which implies an upside of 44% from current levels.
The analyst stated, “In April, after three years of operating Tesla Energy in somewhat stealth mode, Tesla unveiled two energy storage products, and it appears that the company intends to do exactly that. CEO Elon Musk asserted that it is possible to power the entire world’s energy needs by harnessing solar energy and storing it. Tesla would provide the “storage,” which has been the missing piece of the solar puzzle.”
Furthemore, “After speaking with a dozen experts and companies in this space, as well as conducting a nationwide survey of 30 solar panel installers, we believe that Tesla’s entry into the grid storage market disrupts it. Tesla’s primary advantage is in offering a turn-key solution, at scale and at favorable costs,”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Andrea James has a total average return of 9.4% and a 65.5% success rate. James has a 33.5% average return when recommending TSLA, and is ranked #1019 out of 3610 analysts.
Out of the 25 analysts polled by TipRanks, 16 rate Tesla stock a Buy, 5 rate the stock a Hold and 4 recommend a Sell. With a return potential of 8.55%, the stock’s 12-month consensus target price stands at $269.77.