Tesla Bear Craig Irwin Turns Bullish On EV Giant, Increases Price Target By 347%: ‘There Are Abundant Positive Catalysts’
Roth MKM analyst Craig Irwin on Monday raised Tesla Inc.’s (NASDAQ:TSLA) price target by 347% from $85 to $380 and upgraded the rating to a “buy” from “neutral.”
What Happened: A long-time Tesla bear, Irwin turned bullish on Tesla on Monday.
Talking about his change in opinion in an appearance on CNBC, Irwin noted the benefits that Tesla might reap out of its CEO’s new association and support for President-elect Donald Trump.
“This quarter is probably the last quarter of relative weakness; Now he (Elon) has got a new pool of buyers. Conservatives that might not have looked at EVs quite as closely in the past that allow an acceleration of demand in the core U.S. market,” said Irwin.
“I don’t see very many negative catalysts… There are abundant positive catalysts… Bias is now to the upside, not the downside. The market cap may be huge… but they are doing big things.”
Other EV brands that relied on EV subsidies …
Full story available on Benzinga.com