Tesla Stock Surges 9% As JMP Boosts Price Target to $1,500

On track to hit another record high, Tesla’s shares have shot up nearly 9% in premarket trading today after Joe Osha, one of the most bearish Wall Street analysts at JMP Securities, boosted his price target on the company to a Wall Street high of $1,500 (via Seeking Alpha).

The bullish upgrade from JMP comes after the electric car maker reported Q2 deliveries that exceeded analysts expectations last week. The analyst believes sales volume at Tesla will catch up with the expectations implied by the current share price if it continues its impressive performance during the pandemic.

Osha forecasts that the company will reach $100 billion in revenue in 2025, deliver 2.5 million units, and have an EBITDA margin of 20%.

“If the company can manage 90K units during an extraordinarily challenging quarter, there is no reason that TSLA cannot be shipping 130K to 140K units a quarter by the end of the year in our opinion,” said Osha, adding “that puts TLSA on a trajectory to ship 757K units in 2021.”

Tesla’s stock has soared almost 26% over the previous four days, the last three of which produced record closing prices.