On Saturday, Ark Invest, an investment research firm known for its extreme optimism for the carmaker, said Tesla’s stock could reach $7,000 per share in 2024, while another analyst, Bill Selesky of Argus Research, on Monday upgraded his year-end forecast for Tesla’s share price to $808, from $556. “Despite past production delays, parts shortages, labor cost overruns and other difficulties, we expect Tesla to benefit from its dominant position in the electric vehicle industry and to improve performance in 2020 and beyond,” Mr. Selesky said in a note on Monday. After recording a loss of more than $1 billion in the first half of 2019, Tesla turned a corner in the second half of the year. Last week, it reported a $105 million profit in the final quarter of 2019, news that quickly lifted its stock price, which had been at $581 before the announcement. The company’s share price has more than tripled in just three months, but that incredible run has done little to silence critics of Tesla and its chief executive, Elon Musk, who argue that the company’s fans are glossing over serious concerns about demand for its vehicles and its ability to ward off competitors.

Source: New York Times February 03, 2020 20:48 UTC