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“To only value Tesla on car sales alone ignores the multiple businesses embedded within the company,” analyst Adam Jonas wrote in a note as he upgraded the shares from equal-weight and raised his price target by 50% to $540, suggesting 22% upside for a stock that’s quintupled this year.
Jonas’s valuation now includes Tesla’s network services, energy storage and insurance businesses. The internet-of-cars opportunity is also real, and a prerequisite to unlock further gains for the stock, the analyst wrote.
Tesla shares extended their surge on Tuesday, rising 8.2% to $441.61 after the stock was selected for admission to the S&P 500 Index.
©2020 Bloomberg L.P.
