Attempting to predict the stock market is a billion-dollar industry where the devil is in the details, and few companies have generated as much interest in the past 12 months as Tesla. The stock price’s meteoric rise has led to a lot of applauding and shorting on Wall Street, though on Monday a market correction saw the TSLA price fall almost 10% in a few hours, and that has one analyst saying that now’s the time to buy.
While many analysts are urging caution with Tesla stock, Trip Chowdry of Global Equities Research says now is the time to buy. He remains remarkably bullish on Tesla’s prospects and believes firmly in Morgan Stanley’s analysis that the stock price belongs in the $320 per share range. According to MarketWatch, Chowdry believes Tesla’s “fundamentals are intact and strong,” and there’s good reason to believe the stock will go higher.
Chief among the positive indicators is the impending debut of the Model X, which already has some 20,000 reservations. There’s also autonomous driving features, a new Tesla Roadster battery pack, the Tesla Model III, overseas expansion, and of course Gigafactory production to look forward to, all in the next three or four years. Chowdry puts that 12 to 18 month price of Tesla stock at $385, which is even more bullish than Tesla’s biggest cheerleader, Morgan Stanley. Even CEO Elon Musk thinks Tesla’s stock price was “kind of high” when it topped out at $286 a share; as of this morning it’s hovering just above $260 a share.
Lots of people have already made a lot of money from Tesla, and the prospect of making even more money is always tempting. $260 a share isn’t cheap, but if the price reaches Google or Apple levels, it could seem like a bargain in comparison.