Tesla Bulls and Bears might want to look at Tesla as more than just a car company or risk missing out on a valuation trend.
Tesla isn’t breaking apart, but things are happening. Tesla has signed deals with several automakers opening up its supercharging network to non-Tesla EVs. That forced investors, and the Street, to value the company’s EV charging network. Tesla also sells battery storage products to consumers and utilities. That business grew more than 220% year over year in the second quarter of 2023. Tesla also makes some of its own batteries. There is good money in batteries. The world’s largest battery maker Contemporary Amperex Technology Co Ltd , which is better known as CATL, has a market capitalization of about 1 trillion Chinese Yuan, or about $137 billion.
Ives is a Tesla bull though, rating shares Buy. His price target is $350 a share, one of the highest on Wall Street. That worked out to about 73 times his 2024 earnings estimate of $4.80 a share.
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