Whatever is on Elon Musk’s Christmas list can’t compare to the presents he’s received lately. On top of his personal net worth now being the third highest in the world, behind only Jeff Bezos and Bill Gates, and blasting one of his SpaceX spaceships to the International Space Station, the stock price for Tesla continues to climb into the stratosphere.
The stock TSLA soared 7.1% on Monday to a staggering $534.52 in afternoon trading, thanks to Wedbush analyst Dan Ives boosting his base-case price target. Ives said he can see Tesla stock going as high as $1,000.
“With the sustained path to profitability and S&P 500 Index inclusion achieved, the Tesla bull story is now all about a stepped-up EV demand trajectory into 2021,” Ives wrote in a note to his clients.
Ives referenced a huge global demand for electric vehicles and predicted that total worldwide EV sales would go from the current 3% total of auto sales to 10% of total auto sales by 2025.
As for 2020 for Musk and Tesla? Yes, Santa has some pressure on him, as the stock has gained 35.2% just this month and has grown 526.9% year to date.