According to the information obtained by Zhītōng Finance APP, Wedbush analyst Dan Ives has raised his target price for Tesla to $350, which means the analyst believes that the stock price will rise by 33% from Thursday's closing price of approximately $263. In a report, the analyst pointed out that Tesla has proven that it can monetize key products, including the Supercharger network and autonomous driving technology.
Tesla's second-quarter earnings report, released on Wednesday, showed that the company's profit margin was lower than expected due to its aggressive price cuts to increase market share. However, at the same time, the company's revenue and earnings per share exceeded market expectations.
The analyst praised Tesla's price war, stating that it &#34;has achieved great success in China, Europe, and the United States,&#34; and there are signs that traditional automakers are trying to keep up with Tesla's price reductions. The analyst believes that after the price cuts, Tesla has seen stable demand in the United States and China, and its profit margin is currently stable, indicating a bottoming out in the next one to two quarters.
The analyst also emphasized Tesla's groundbreaking deal to share its Supercharger network with Ford and General Motors, seeing it as a profitable opportunity. The analyst added that once Tesla is able to further promote its autonomous driving technology, Tesla's profits may continue to rise.
The analyst stated that the best comparison for Tesla is Apple (AAPL.US) in the early 2010s, when the latter's stock price did not yet reflect its profit potential. The analyst said, &#34;We believe Tesla is in a situation similar to Apple in 2008 and 2009, just monetizing its services and ecosystem.&#34; &#34;We believe this quarter is an important step in the right direction for Tesla.&#34;

TSLA

Wedbush analyst Dan Ives has raised his target price for Tesla to $350, indicating that the analyst believes the stock price will increase by 33% from Thursday's closing price of approximately $263.

Wedbush: Tesla is the next Apple! Stock price expected to rise by 33%