Oppenheimer analyst Colin Rusch maintained a Buy rating on Tesla (TSLA) today and set a price target of $418. The company’s shares closed yesterday at $366.76, close to its 52-week high of $387.46.
“With TSLA shares hovering around its March 2019 convertible note conversion price of $359.87, we believe shares are poised to break higher as we exit 2018 and through the first part of 2019. After a drama-filled fall that concluded with a settlement with SEC and a new board chair, we believe TSLA is enjoying improving fundamentals based on increasingly efficient manufacturing, strong ASPs leading to better than expected cash flow, as well as slow and disappointing competition entering the market for EV/ PHEVs. We believe as TSLA delivers steady cash flow, a new group of investors will begin taking positions, helping drive shares higher. We are looking to solid Model 3 deliveries and GM plus announcement of China factory financing as catalysts into early 2019.”
According to TipRanks.com, Rusch is a 5-star analyst with an average return of 8.4% and a 45.7% success rate. Rusch covers the Industrial Goods sector, focusing on stocks such as Capstone Turbine Corp, Amer Superconductor, and Canadian Solar Inc.
Tesla has an analyst consensus of Hold, with a price target consensus of $331.70, implying a -9.6% downside from current levels. In a report issued on December 6, Wolfe Research also maintained a Buy rating on the stock with a $430 price target.
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The company has a one-year high of $387.46 and a one-year low of $244.59. Currently, Tesla has an average volume of 9.36M.
Based on the recent corporate insider activity of 35 insiders, corporate insider sentiment is neutral on the stock.
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Tesla, Inc. engages in the design, development, manufacture, and sale of fully electric vehicles, energy generation and storage systems. It also provides vehicle service centers, supercharger station, and self-driving capability. The firm operates through Automotive, and Energy Generation and Storage segments.
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