According to foreign reports, the investment bank Piper Jaffray released a research report on Monday, raising Tesla's stock rating and target price, the electric car company's share price hit another record high. The market value has once surpassed GM and became the largest automaker in the United States.
Tesla shares rose to $313.73 in early trading on Monday, the highest since listing, with a market capitalization of $51.2 billion. At the time, GM's market capitalization was about $51.1 billion. However, at the close, Tesla shares closed at $312.39, up 3.26% from the previous day, with a market capitalization of $50.95 billion; General Motors shares were at $33.97, with a market capitalization of $51.18 billion, regaining the largest automaker in the US Title.
Piper Jaffray analyst Alexander Potter said in a research report on Monday, "In preparation for this earnings report, we conducted a seven-month investigation of Tesla. We ended up with the company last week. After the investor meeting, we finally decided to make this position." Porter said he believes that Tesla can deliver the cheap model electric car model 3 this year, instead of the previously assumed mid-2018. Tesla's fascinating influence on shareholders and consumers makes it difficult for competitors to copy. Based on this, he upgraded Tesla's stock rating from “neutral†to “buy†and raised the target price from $223 to $368.
In the past month, Tesla's share price has risen by 35%, thanks to investors gambling Tesla CEO Elon Musk will revolutionize the automotive and energy industries. Tesla's current market capitalization is equivalent to $102,000 per electric vehicle manufactured in 2018, or $66.7 million per electric vehicle sold last year. In comparison, GM's market capitalization is equivalent to $5,000 per car sold in 2016.
Investors are currently optimistic about Tesla's potential, ignoring factors such as the company's loss in 2016 reached $773 million, and the company's electric vehicle shipments are still far from the traditional car manufacturers. GM sold about 10 million cars last year, while Tesla sold about 76,000. As a publicly traded company, Tesla has only achieved profitability in just two quarters; GM's earnings last year exceeded $9 billion.
Even when Tesla’s market value surpassed Ford Motor on April 3 and became the second-largest automaker in the US, analysts in the market said Tesla’s share price has been overvalued, and financially strong automakers are also Accelerate the development of pure electric vehicles. However, supporters believe that Tesla will become a giant of carbon-free energy and transportation, and the current valuation is based on reasonable long-term expectations of Tesla's growth. Tesla's supporters also pointed out that after the loss of solar panel maker SolarCity at the end of last year and Tesla's super battery plant in Nevada, Tesla's manufacturing costs will fall sharply.
Jeffrey Gundlach, manager of DoubleLine Capital, an asset management company that manages more than $105 billion in assets, told Reuters last week, "but as a carmaker, Tesla's share price is clearly overvalued. Outrageous. But as a growing and innovative battery company, Tesla's valuation looks reasonable."
According to Tesla's plan, the company will begin to deliver Model 3 electric vehicles in the second half of this year, and by rapidly increasing production capacity, the company will achieve 500,000 units in 2018.
The continuous rise in Tesla's share price has also added a lot to Musk's personal assets. According to data provided by the Bloomberg Billionaires list, Musk’s personal net worth has increased by $2.21 billion this year. Today, Musk’s personal net worth has reached $12.9 billion. Forbes, which has different statistical methods, believes that Musk’s personal worth is $15.1 billion. In addition to the shares of Tesla held, Musk also owns an unknown stake in Space Exploration Technologies (SpaceX). Musk is now among the top 100 in the world. He ranked 86th in the Bloomberg Billionaires list and ranked 70th in the Forbes list.
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