Tesla Inc.’s most bullish Wall Street analyst predicts the electric-car maker’s dizzying rally will accelerate this year and that the stock will trade in the US$640-to-US$960 range in early 2021.
“The stock will remain volatile, as the spread between bull and bear cases remains wide,” said Ferragu, who boosted his price target to a Street high. “And God only knows what the next controversy will be.” Ferragu, who raised his price target to a US$800 from previous US$530, expects the company to beat estimates for free cash flow when it releases fourth-quarter earnings on Jan. 29.
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