(CercleFinance.com) – Tesla gains more than 5% on the Nasdaq, supported by an analysis by Canaccord Genuity which today raised its price target on the stock from 815 to 881 dollars following a visit to the assembly plant in Fremont (California).
In a research note, the Canadian broker – which maintains its purchase advice on the title – says each time “fascinated” by the “symphony of chaos” which reigns on the site, as well as by the morale displayed by the staff on site.
“We are equally impressed with the ability of the management team to push the limits of the factory, the first built by Tesla, in terms of production given its limited size in the face of new sites belonging to the group,” adds he.
While it expects the economic environment and recent price increases to weigh on the automaker’s orders, Canaccord believes that Tesla’s know-how in terms of manufacturing, supplies and autonomous driving will provide it with a good lead for a while yet.
Combined with future offers in solar or energy storage, this positioning makes it the ‘titan’ of sustainable development, according to him.
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