It looks like there’s a new top bull on Tesla, Inc. (NASDAQ:$TSLA). On Tuesday, Argus Research analyst Bill Selesky put a $444 target on the share price and upgraded Tesla from hold to buy.
Currently, Selesky’s price target is the most aggressive on Wall Street, according to FactSet. Not only that, it is also 25% higher than Monday’s closing price of $355. In the last year, Tesla is up 57%, and the company’s shares increased more than 3% Tuesday.
“Our upgrade reflects recent strong orders for the Model 3,” Selesky said. As of right now, Tesla is receiving roughly 1,800 orders a day for the Model 3 vehicle, however, the new model is forecast to enter the market en masse by the end of 2017. Argus notes that this number is “without a lot of advertising or marketing campaigns.”
In addition, Selesky mentioned some headwinds. He warned investors that “the Model 3 will boost labor and overhead costs in the near future.” However, he did say that those costs will drop going into next year.
It’s worth mentioning that Tesla is outperforming the Nasdaq in 2017. So far this year, shares of the automaker are up 67% compared to 18.5% for the Nasdaq.
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