Tesla wins massive price target raise at Roth

The world has changed with Donald Trump’s win and so has analyst Craig Irwin’s opinion of Tesla (Tesla Stock Quote, Chart, News, Analysts, Financials NASDAQ:TSLA).

In a research update to clients December 2, Roth MKM analyst Craig Irwin upgraded TSLA from “Neutral” to “Buy” and raised his price target from $85.00 to $380.00.

“Tesla is a large-cap company where the stock is behaving like an emerging growth company,” the analyst explained. “Catalysts will play a primary role in valuation, in our opinion, as investors discount the longer-term served opportunity and projected earnings power. We see abundant positive catalysts, and now a dearth of negative catalysts, so we would be buyers on any weakness.”

Irwin thinks TSLA will post EPS of $2.30 on revenue of $97.4-billion in fiscal 2024. He expects those numbers will improve to EPS of $3.40 on a topline of $1.15-billion in fiscal 2025.

“Let’s daydream about a beautiful red wave of EVs sweeping across the US, with a shiny gold “T” on every car,” Irwin continued. “Musk’s authentic support for Trump likely doubled Tesla’s pool of enthusiasts and lifted credibility for a demand inflection. CyberTaxi now faces an accommodative regulatory environment. Tesla’s main AI mission is ADAS, a smarter copilot that aims to solve orders of magnitude more chaos than other products and inform the humanoid robotics program. Catalysts should drive valuation. It’s real, the world has changed, so we are upgrading to Buy.”