Tesla analyst sees no negative catalyst on horizon — and stock spikes to $850
Shares of Tesla Inc. shot back above $850 Tuesday before paring gains, after Bernstein analyst Toni Sacconaghi nearly doubled his price target, saying he didn’t see any negative catalysts on the horizon for a stock that wasn’t especially expensive.
Sacconaghi said he has been thinking about how to value Tesla, following the stock’s meteoric rise over the last several weeks. Using traditional auto valuations and discounted cash flows, he said it would be difficult to justify the current share price, which would suggest Tesla will eventually become bigger and more profitable than Volkswagen.Also read: Tesla jolts market with $2 billion stock offering, SEC subpoena.
See related: The hedge-fund investor who has beaten Warren Buffett by 200x likely made a killing on Tesla. Beside the possibilities, Sacconaghi sees little downside risk in the near term: “We are skeptical that upside possibilities are likely to be expunged any time soon — suggesting no imminent negative catalysts for the stock.”
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