Wedbush Increases Price Target, Model Y Shanghai Batteries, Tesla Fob Hacked, GM/Ford Updates (11.23.20)
Everybody robin our here. And today we're gonna be talking a little bit about tesla stock. We had another new all time high close today. We also have an updated note from wedbush securities. They've raised their price targets on tesla. Some news on model wiig model x. And then gm and ford as well all right so another strong day for tesla today finishing up six point six percent to five hundred twenty one dollars eighty five cents that compared to the nasdaq up zero point two percent. This is the first time since the split that tesla has closed above five hundred dollars per share or if we were still pre split it would have been the first close above twenty five hundred and while we didn't quite hit an all time high today again that still stands at about five hundred thirty eight dollars from me. Premarket trading on september first. Today's high was only five hundred. Twenty six dollars. This was an all time high. Close eclipsing the previous all-time high close from last thursday. At just below. Five hundred. Vincent on twitter tweeted about this being beavers calls about five hundred and ellen replied to that tweet simply saying wow tesla's market cap right now sits around four hundred ninety four billion dollars so just shy of half a trillion if tussock hit roughly five hundred twenty seven dollars and fifty cents per share. That'll put them at half a trillion dollar valuation. If we take a quick look at the volume for today it was again. Not all that high about forty eight million shares trading hands versus the last twelve months. The average is just over sixty five million shares per day so about seventy three percent of average though a decent amount higher than the one month average at around thirty four million shares. One thing i did. Add to the sheet here. If you're watching the video is. I was curious about the variants and volume for each day of the week so i ran the averages there. It's pretty consistent. Monday through thursday with averages falling anywhere between sixty five and sixty nine million and then friday is a little bit lower about ten percent at right around fifty nine million shares per debt to surprising that fridays. We're lower volume. But i would have expected monday to be a little bit higher just to kind of make up for trading loss over the weekend but doesn't appear to be the case so as we're looking at volume just wanted to help provide that context all right moving into the wedbush note. This seemed to capture the most headlines. Today wedbush raised their price targets on tesla. Yes targets plural. They have a base case and a bogus. So they've raised their base case price target from ours per share up to five sixty and their bouquets from eight hundred dollars per share before now on thousand the latter of which would be just shy of one trillion dollar valuation. Despite the increased price targets though wedbush not upgraded their rating. They've maintained a neutral rating on the stock as for the factors leading to the price target increase when bush noted strong global demand. They see that rising to ten percent of the auto market in two thousand twenty five. They point to tesla as the clear leader in electric vehicles and they expect tussle to benefit from sort of what they see as a tailwind or kind of a rising tide. I don't really think that's the best to look at it personally. Because i think tesla's really the ones sort of out there creating this market greeting demand. But i think as we've learned in our conversations with piper sandler analyst alex potter that's kind of how analysts have after approach it. They need to you know. Form this total addressable market break that market down in junks. They can't just say you know tussles gonna sell every vehicle that they can produce because the cars are also even if at the end of the day. That's kinda what it ends up boiling down to anyway. That's kind of the starting point. They go on to say quote as we have witnessed front and center during this kofi backdrop. Musco have seen teflon like demand for its flagship model. Threes in europe and china while software driven upgrades fsg etcetera have gone right to the bottom line and enabled tesla to get out of the red coupled by cost cuts and tax credit boost and quote. I'll zoom for that tax credit. Bruce part they're talking about regulatory credits which i wouldn't really call a tax credit. It's more like an other.