As Tesla released earning results for the first quarter of the year, analysts are updating their price target.
Several wall street analysts have been updating their price target on Tesla even before the latter announced its earning result for the first quarter of 2022.
Worm Capital, the Texas-based hedge fund, believes that Tesla is six years ahead of its competition. It stated that ‘Conventional Wall Street analysis consistently undervalues Tesla’s multiple business lines, its massive scale, its expanding margin profile, its leading revolution in complex manufacturing, its approach to real-world AI, its vertical integration, its software stack, and much more. Our multi-year research effort into Tesla’s manufacturing capabilities and supply chain integrations suggest that Tesla is more than 6 years ahead of any competitor. This lead is expanding.’ The firm is certain that Tesla’s shares could offer a 10x return by this decade.
ARK Invest, which is one of the bullish Tesla investors on wallstreet, updated its price target on Tesla to $4,600 by 2026, the most aggressive target of all major firms. The firm relies on Tesla’s longtime goals which was delayed like the full self-driving” and the Cybertruck.
The company was able to overcome the supply chain issues last year and it was able to come upon revenue of $18.8 billion. The earnings per share for the first quarter of 2022 were $3.22.