Cathie Wood puts a $2,000 price target on Tesla for 2027, driven by robotaxis
Marco Bello
Cathie Wood's ARK Invest issued a new price target on Tesla (NASDAQ:TSLA) that would value the EV maker at more than $6T in fewer than four years.
ARK issued a report late Thursday, a day after Tesla's (TSLA) disappointing quarterly results, that valued the company at $2,000 per share by 2027 as the base case.
The target is bookended by a 25% chance of a bear case where TSLA hits $1,400 or less in 2027 and a 25% chance of a bull case where it reaches $2,500 per share or more.
The $2,000 target would value Tesla (TSLA) at about $6.34T, compared with the current market cap of $516.6B. Tesla (TSLA) shares fell 10% on Thursday on margin worries following price cuts through this year.
TSLA is the largest holding in Wood's flagship ARKK Innovation ETF (NYSEARCA:ARKK).
âWe want Tesla to scale its units because each one of them now represents the potential for a robotaxi, or a robotaxi fleet," Wood said on CNBC.
âThe robotaxi service is going to be, from a margin point of view, more like a SAAS business and so we think that it is very smart to maximize unit because they have so much option value now,â she added.
âTeslaâs prospective robotaxi business line is a key driver, contributing 58% of expected enterprise value and 45% of expected EBITDA in 2027,â ARK analysts said in their report. âAcross our simulation set, electric vehicles account for 62% of revenues in 2027, at substantially lower margins than robotaxi revenue.â
Not surprisingly, Wood added TSLA shares to ARKK on the dip last night, buying 219,810, 0.4799% of the portfolio. ARK also added 36,213 shares to the ARK Next Generation Internet fund (ARKW), 0.4827% of the portfolio.
TSLA is down 50% from a year ago, but has gained about 50% year to date. ARKK is down 33% in the past year and up 23% year to date. ARKW fell 34% in a year and is up 32% in 2023.
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