Tesla Shares Cross $900 As Piper Sandler Raises Price Target To Street High

Tesla Inc TSLA stock will go higher because of the electric car maker's ability to provide customers with the ability to generate and store the power to run its vehicles, according to a Piper Sandler analyst.

The Tesla Analyst

Piper Sandler's Alexander Potter raised the price target on Tesla from $729 to $928 per share, the highest among major Wall Street sell-side analysts, while reiterating an Overweight rating on the stock.

The Tesla Thesis

"We recently installed a solar system to use for charging a Model X," Potter wrote in a note. "The results have been illuminating so far."

Potter said Tesla will see growth beyond selling its electric vehicles in providing customers the ability to store their own solar power it to charge the cars.

"It's easy to forget that TSLA sells batteries and solar power products; after all, the segment was only 6% of sales in 2019,” the analysts wrote. “But management says that the solar+storage business will one day rival the Automotive segment, and if this is true, then investors will eventually need to pay attention."

TSLA Price Action

The move sent the stock higher yet again, fueling an already impressive rally that's seen Tesla's share price more than double in four months.

Tesla's stock was up more than 5.6% at time of publication, trading at $908.81 per share.

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