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MarketWatch MarketPulseJul 14, 2020
Tesla stock surges after Piper Sandler boosts price target above $2300
Shares of Tesla Inc. are up more than 4% in premarket trading Tuesday after Piper Sandler analyst Alexander Potter raised his price target on the stock to $2322 from $939, writing of "faster-than-expected share gains" and big opportunities in software. Though Tesla shares have rocketed nearly 260% on the year and the stock's valuation is 88 times higher than it was after its 2010 initial public offering, Potter said that "resoundingly" his conclusion is to stick with the stock. "While deliveries are a key driver of our increased near-term estimates, software is the biggest driver of our increased DCF-based price target," he wrote in a late Monday note to clients. "Tesla has noted the possibility for 30% gross margins if/when more customers opt-in for purchasing the company's full self-driving (FSD) software." That could help Tesla record operating margins in the "mid-20s" by the end of Potter's 20-year forecast period, even if only half of customers go for the full self-driving software. "Thanks to the high-margin nature of the FSD package, we think that by the 2030s, Tesla could conceivably be selling vehicles at cost - or even below cost - while still achieving higher operating margins," he wrote. Tesla shares have surged 60% in the past month alone as the S&P 500 has added about 4%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatchJul 14, 2020
The Tell: Value will trump highflying growth stocks if this bond-market indicator bounces back, says Bill Gross
Bill Gross says the dominance of Amazon, Microsoft and other technology giants throughout this year's stock-market slump and recovery won't last if inflation-adjusted bond yields rebound from their record low.

MarketWatchJul 13, 2020
Market Snapshot: Nasdaq hits record, S&P 500 tops 3,200 as investors brace for earnings season, weigh vaccine news
Stocks rise at the start of Monday as investors prepare for a tough earnings season and applaud news that the Food and Drug Administration granted "fast track" status to a pair of vaccine candidates produced by Pfizer Inc. and German biotech firm BoNTech SE.
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