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Tesla lands new Street-high price target as 'killer' competition underwhelms

Hamartia Antidote

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  • Piper Sandler hikes its price target on Overweight-rated Tesla (NASDAQ:TSLA) to what is being identified as a Street-high mark of $1,300.
  • Analyst Alexander Potter tears into the bearish thesis on killer competition for Tesla, noting many of the electric vehicle models that were supposed to derail Tesla have been on the market for several quarters now.
  • On the margin front, Potter notes that Tesla's warranty expenses comprised only 1.5% of Q3 revenue vs. the industry average of 2% to 3%. Also working in Tesla's favor is the deferred revenue that it will be able to book when the Austin and Berlin factories are open.
  • "We now expect Tesla's sales volume to max out around 11.5M units in 2030, which likely implies a #1 ranking in terms of worldwide market share."
  • Shares of Tesla are up 3.24% premarket to $1,071.44 to follow on yesterday's 1.91% gain.
  • Wall Street in general is incrementally more bullish on Tesla.
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