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Google Business NewsJan 21, 2020
‘Be careful out there' — trader fears China virus could shock the stock market - MarketWatch
‘Be careful out there' — trader fears China virus could shock the stock market  MarketWatchView full coverage on Google News

Yahoo BusinessJan 21, 2020
Tesla Shares May Reach $960 in Early 2021, Biggest Bull Says
(Bloomberg) -- Tesla Inc.'s most bullish Wall Street analyst predicts the dizzying rally in the shares of the electric-car maker will accelerate this year and trade in the $640-to-$960 range in early 2021.New Street Research analyst Pierre Ferragu anticipates the company will sell 2 million to 3 million cars per year after 2025 at industry-leading margins, justifying a market capitalization of $230 billion to $350 billion, or about $1,100 to $1,700 per share."The stock will remain volatile, as the spread between bull and bear cases remains wide," said Ferragu, who boosted his price target to a Street high. "And God only knows what the next controversy will be."Tesla is set to report quarterly earnings next week. Shares of the company are up 3% in pre-market trading and have increased more than 100% over the past three months. A surprise third-quarter profit and strong deliveries for the fourth quarter helped fuel the rally, along with the opening of its China plant.Ferragu, who raised his price target to a $800 from previous $530, expects the company to post a strong free cash flow beat when it releases fourth-quarter earnings on Jan. 29.He also predicts 2020 delivery guidance to beat estimates, and a potential drop in gross margins in the first half of the year as Shanghai-assembled Model 3s -- which have higher fixed costs per car -- increase in the overall mix.Earlier on Tuesday, Bernstein analyst Toni Sacconaghi struck a cautious note, saying the Shanghai Gigafactory production could pressure margins in fourth and first quarter.To contact the reporter on this story: Esha Dey in New York at edey@bloomberg.netTo contact the editors responsible for this story: Brad Olesen at bolesen3
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