Canaccord analyst George Gianarikas raised the firm’s price target on Tesla (TSLA) to $490 from $333 and keeps a Buy rating on the shares. Data from 30 counties show Tesla’s deliveries are rising, causing Canaccord to increase delivery estimates, the analyst tells investors in a research note. After several quarters of weakening momentum, Tesla’s deliveries are seeing a positive break in trend, contends Canaccord. Further, the firm expects Tesla to announce new electric vehicle models soon, which should help its global sales momentum. The new models will help alleviate any post-Q3 “cliff” in the U.S. after electric vehicle tax credits go away, Canaccord believes. In energy storage, the firm also expects an improvement in Tesla’s momentum.
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