Here are Wednesdays biggest analyst calls of the day: Tesla, Nvidia, Adobe & more
Tesla founder Elon Musk speaks at the unveiling event by “The Boring Company” for the test tunnel of a proposed underground transportation network across Los Angeles County, in Hawthorne, California, December 18, 2018.
Robyn Beck | Pool | Reuters
(This story is for subscribers only.)
Here are the biggest calls on Wall Street on Wednesday:
Piper Sandler raised its price target on Tesla to $928 from $729
Piper raised its price target on Tesla to a Street high and said it thinks the company can have the same success in storage and solar power that it’s had with autos.
“We’re nudging our price target higher after installing a solar system to charge a Model X. Since August 2016, we have been using a Model X SUV in a four-person, single-vehicle household. After logging 53,448 miles and surviving four Minnesota winters, we are convinced that Tesla’s automotive products offer a superior ownership experience. If history is any indication, we’ll eventually be saying something similar about generating and storing our own solar power. But for now we’re increasingly our price target from $729 to $928, which is enough to partially capture TSLA’s solar+storage opportunity in our 20-year DCF.”
Bernstein upgraded Nvidia to ‘outperform’ from ‘market perform’ and raised its price target to $360 from $300
Bernstein raised its price target on Nvidia to a Street high and said the company has upside potential to due to its upcoming product cycles among other things.
“With the stock almost exactly back to prior peak levels, it is obvious that not growing more constructive, sooner, was an error. But while that peak (in hindsight) was built on a shaky foundation, the current situation seems much more stable w/ a ‘clean’ (no crypto) gaming profile, improved Turing traction (& forthcoming new product cycle), & return to hyperscale builds; had these been true 16 months ago we suspect the stock would have continued rising.”