Tesla stock could spike nearly 30% over the next year with aid from its coming Cybertruck, equity strategy chief says
Tesla shares are likely to rise by nearly 30% to $260 in the next six to 12 months, says Zacks.
The stock fell below $200 after the EV maker's investors' day.
Tesla's Cybertruck is set to arrive this year and could provide upside support.
Investors pushed Tesla shares lower following the EV maker's investors' day, but the stock could rise 30% in as early as six months, according to Zacks Investment Research.
The firm's price target is $260 over the next six to 12 months. That price would represent a 28% increase from Wednesday's close of $202.77.
"I think that's doable," John Blank, chief equity strategist at Zacks, told CNBC's "Squawk Box Europe" on Thursday. "When I queried it … it sounded fair. I think $260 is where we're headed."
Tesla shares last traded above $260 in September.
Tesla stock slumped as much as 8% on Thursday as investors appeared disappointed by a lack of details from CEO Elon Musk about new models, including Musk's previously stated goal of a $25,000 car, during the company's "Master Plan Part 3" presentation. The company saw about $50 billion wiped off its market cap amid the lukewarm response from investors to Musk's announcements.
"They did say the Cybertruck is going to come out this year," Blank said in discussing what caught his ear from the company's presentation. Musk first unveiled the futuristic-looking electric truck in 2019.
"The thing I think we should hear about the Cybertruck is it's going to put a new factory template in place that we have not seen yet, and that's what's taking so long," Blank said.
"They want to get this new low footprint factory - 40% less footprint factory - right. And I think that's the real message we should hear about this whole Cybertruck," the strategist said.
The stock so far in 2023 had jumped by more than 50%, shifting into recovery mode after plunging more than 60% in 2022, landing among the S&P 500's top 10 largest percentage losers last year.
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