Tesla gains after stock split and a jumpstart of the Green Tidal Wave thesis
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Shares of Tesla (NASDAQ:TSLA) moved 1.76% higher to $302.32 as they began trading at their new split-adjusted price.
Wedbush Securities also came out on Thursday with new spin on green tidal wave thesis that hasn't played out quite as anticipated in 2022, but has received a boost with recent legislation actions in Congress and California Air Resources Board.
Analyst Dan Ives: "While the shaky macro will clearly trim some demand for Tesla (as well as the industry) we believe demand continues to hold up firm for the EV stalwart across the US, Europe, and China. That said, this green tidal wave is a major trend we expect to play out across the industry over the next decade and represents the biggest transformation to the auto industry since the 1950's in our opinion."
The firm plans to formally adjust EPS estimates along with its quarter-end production/demand checks in late September. However, improved production from Tesla (TSLA) out of the Shanghai Gigafactory is enough for the firm to push its price target up on the Outperform-rated EV stock to $360 from the split-adjusted prior PT of $333.
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