Electric vehicle manufacturer Tesla Inc (NASDAQ:TSLA) has seen its stock reach new highs in recent times, and Wednesday proved to be a landmark day for the stock as it hit another major milestone. On Wednesday, the stock soared by as much as 6% and went a touch over $1000 a share.
Wedbush Raised The 12-Month Price Target
It was the first time that the Tesla stock had hit those levels, and it came about following a bullish call from an analyst. An analyst at Wedbush raised the 12-month price target of the stock to $1000 a share, and soon enough, the rally commenced in the Tesla stock.
However, that is not all. Yesterday, an e-mail from the company’s Chief Executive Officer Elon Musk to the employees was leaked. The e-mail states that Tesla wants to start producing the Tesla Semi in volume. The Wedbush analyst Daniel Ives maintained a neutral rating on the stock but raised the target price to $1000 a share from $800 a share.
Ives stated that the reopening of the United States and European market, in addition to the rising demand for electric vehicles in China are some of the reasons why he is optimistic. He added that the possibility of innovations in the battery space could also give Tesla a significant competitive advantage.
Investors should note that earlier on in the week, the sales of Tesla’s China-made Model 3 vehicles hit a record high in the Asian country. It indicates that demand for the company’s vehicles is rising China steadily. The possibility of producing the Tesla Semi in volume is also an indication that the company is now confident about its other products.
Musk stated in the e-mail that he wishes to deliver those vehicles by 2021. The stock has performed impressively over the course of the past 12 months and has recorded gains of almost 400%. In addition to boosting sales, Tesla has also been able to achieve profitability.