Tesla Inc (NASDAQ: TSLA) shares rose on Monday after Jefferies raised the price target for the stock, along with a rise in EBIT and earnings per share, in anticipation of revenue and earnings growth next year ,
Phillippe Houchois maintained a buy rating for Tesla and raised the price target from $ 300 to $ 400.
For the electric car maker, it may not be quite smooth in the short term, but the third quarter gross margin is "consistent with sustained profitability" and Tesla's average selling prices should stabilize, Houchois said in a Monday bulletin. (See his track record here.)
Jefferies raises its EBIT estimate for 2020 by 24% to $ 1
"The stabilization in 2019 will create a better foundation for a return on sales and earnings in 2020," Houchois said. "We value the absence of legacy issues, net sales and revenue growth, and the continued technological lead from battery to autonomy."
The Tesla share gained 3.34% to $ 348.39.
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