U.S. Markets closed
  • S&P 500

    3,453.49
    +17.93 (+0.52%)
     
  • Dow 30

    28,363.66
    +152.84 (+0.54%)
     
  • Nasdaq

    11,506.01
    +21.31 (+0.19%)
     
  • Russell 2000

    1,630.25
    +26.48 (+1.65%)
     
  • Crude Oil

    40.61
    -0.03 (-0.07%)
     
  • Gold

    1,906.50
    -23.00 (-1.19%)
     
  • Silver

    24.83
    -0.42 (-1.65%)
     
  • EUR/USD

    1.1825
    -0.0042 (-0.3547%)
     
  • 10-Yr Bond

    0.8480
    +0.0320 (+3.92%)
     
  • Vix

    28.11
    -0.54 (-1.88%)
     
  • GBP/USD

    1.3081
    -0.0062 (-0.4748%)
     
  • USD/JPY

    104.8500
    +0.2900 (+0.2774%)
     
  • BTC-USD

    13,057.35
    +2,000.34 (+18.09%)
     
  • CMC Crypto 200

    263.22
    +7.12 (+2.78%)
     
  • FTSE 100

    5,785.65
    +9.15 (+0.16%)
     
  • Nikkei 225

    23,474.27
    -92.73 (-0.39%)
     

Why Goldman Sachs Is Raising Tesla's Price Target

Benzinga EV Insights
·1 min read

After record setting deliveries in the last quarter, all eyes are on the Tesla Inc (NASDAQ: TSLA) third-quarter earnings scheduled for Oct. 21.

Goldman Sachs raised its price target for Tesla on Tuesday in anticipation of a strong third quarter for the automotive industry.

The Tesla Analyst: Mark Delaney maintained a Neutral rating on Tesla and bumped the price target from $400 to $450. 

The Tesla Takeaways: Goldman Sachs sees electric vehicle adoption, margins and market share all increasing, Delaney said in a note.

Several other automakers received higher price targets from Goldman, and the analyst said companies with higher auto exposure could have strong earnings reports based on recent industry data.

Auto sales are approaching pre-COVID-19 levels, and China retail sales were up 7% in September, he said. 

Upcoming Tesla Catalysts: Tesla is set to report third-quarter earnings Oct. 21.

The company also recently announced a new type of vehicle battery that's expected to reduce costs will increasing vehicle range and safety.

Tesla is building multiple new auto manufacturing facilities in Berlin, Germany and Austin, Texas.

Tesla is expected to begin ramping up production of the Tesla Semi soon, as well as begin deliveries of the highly anticipated Cybertruck in late 2021.

TSLA Price Action: Tesla shares were up 3.28% at $461.30 at the close Wednesday. 

Photo courtesy of Tesla.

Latest Ratings for TSLA

Date

Firm

Action

From

To

Oct 2020

Goldman Sachs

Maintains

Neutral

Oct 2020

Citigroup

Maintains

Sell

Oct 2020

New Street

Upgrades

Neutral

Buy

View More Analyst Ratings for TSLA
View the Latest Analyst Ratings

See more from Benzinga

© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.