Barclays analyst lifts price target on Tesla to $300, or 63% below closing price

Barclays reiterated an underweight call on Tesla as it hiked the electric vehicle maker’s price target to $300 from $230. “Despite our skepticism around Tesla’s sky-high market cap of ~$800bn, we are constructive on the stock going into the 3Q EPS release due to the combination of the delivery beat driving operating leverage and strong pricing. In short, Tesla was able to continue a healthy pace of production and deliveries despite the chip pressures most other major OEMs felt,” said analysts led by Brian Johnson. Tesla closed Wednesday at $811.08, up 15% this year.

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