tech sell-off and the stock failing to make it into the S&P 500 Index.” data-reactid=”19″>Tesla Inc. (NASDAQ: TSLA) shares have shed about 26% since the Sept. 1 high of $502.49 amid z tech sell-off and the stock failing to make it into the S&P 500 Index.
Against this backdrop, an analyst at Wedbush sees the upcoming Battery Day as a key catalyst for the stock.
The company is likely to announce a slew of new potential “game changing” battery developments at the event, the analyst said.
This is important for the company, as competition in the EV space is ramping, both domestically and internationally, he said.
strategic partnership struck between General Motors Co. (NYSE: GM) and Nikola Corp. (NASDAQ: NKLA) this week and a host of developments, particularly in China, Ives said.” data-reactid=”29″>This was underlined by the strategic partnership struck between General Motors Co. (NYSE: GM) and Nikola Corp. (NASDAQ: NKLA) this week and a host of developments, particularly in China, Ives said.
Several Chinese EV makers are developing proprietary battery enhancements, the analyst said.
Technology innovations around Giga/Fremont are key to Tesla’s success on the battery front, he said.
Tthe company is close to announcing the million-mile battery later this month, Ives said.
“In our opinion this battery technology will be very advanced, potentially last for decades, withstand all types of weather/terrain, and be another major milestone for the Tesla ecosystem.”
Tesla could also be working on a number of battery enhancements and new cells as part of its Giga 3 innovations in China, with a focus on storage/ density capacity improvements, the analyst said.
The Street is also looking ahead to the Battery Day for an announcement regarding the slashing of battery production costs to the key $100/kWh threshold, he said.
This would give Tesla much more financial flexibility around pricing on current and future EV models with price parity, according to Wedbush.
Tesla Bear Names 7 Reasons Why Stock Failed To Make The Cut For S&P 500 ” data-reactid=”39″>Tesla Bear Names 7 Reasons Why Stock Failed To Make The Cut For S&P 500
Latest Ratings for TSLA
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Sep 2020 | UBS | Maintains | Neutral | |
| Sep 2020 | Oppenheimer | Maintains | Outperform | |
| Sep 2020 | Bank of America | Reiterates | Neutral |
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