Tesla Motors (TSLA), whose stock price has surged by more than 67% year-to-date and 1,214% since its 2010 initial public offering priced at $17 a share, is all hype and CEO Elon Musk was right to say the electric car maker’s pps is “kind of high right now,” former General Motors (GM) Chairman Bob Lutz told CNBC on Wednesday.
“Elon Musk is right. It’s grossly overvalued right now,” Lutz said. “When you look at it, their total production to date is still less than one day’s production of GM or Ford (F), so it’s filled with a lot of hype.”
Currently there are 3 analysts that rate TSLA a ‘Strong Buy’, 8 rate it a ‘Buy’ and 5 rate it a ‘Hold’. No analysts rate it a sell. TSLA has a median Wall Street price target of $287.50 with a high target of $400.00.
Tesla shares rose 0.66 percent to $252.07 at 3:02 p.m. in New York. They have gained 38.45 percent y/y.