Morgan Stanley analyst Adam Jonas reiterated his Buy rating on Tesla and raised his price target from $1200 to $1300. Jonas said better-than-expected fourth-quarter delivery data prompted him to raise his price target, which corresponds to Tesla's valuation of about $1.3 trillion.
Goldman Sachs analyst Mark Delaney also added the company to its list of "preferred stocks" for 2022 due to its "strong fourth quarter delivery", maintaining a "buy" rating on the stock and raising its target price from $1125 to $1200, which he sees as a signal of further sales growth this year and next.
In addition, according to Wedbush Securities' analysis, Tesla may begin production of the Model Y at its Austin plant within the next seven to ten days.
Analyst Dan Ives said launching production in Austin in early January was important for the electric car maker to expand domestic and global production of the Model Ys, with large-scale production expected in 2022.
While the electric car maker is still awaiting environmental approval from the Brandenburg State Ministry of the Environment, Tesla is now able to build 2,000 Model Y bodies for testing, According to Electrork. At the rate of 500 Model Y bodies per week, the quality control process will take at least four weeks.
Wedbush reiterated its "outperform" rating for Tesla and maintained its $1400 price target while setting the company's bull market price target at $1800.
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