Shares of Tesla (NASDAQ:TSLA) jumped more than 73 points higher in morning trading on Wednesday, after Piper Sandler’s Alexander Potter increased his price target for the automaker’s stock by almost $200 – to $928 a share from $729.
As of 10:27 p.m. EST, the stock was up about 8.5% to $934.
In a note to investors, Potter, who rates TSLA the equivalent of ‘Buy’, said he expects the electric car-maker to achieve the same success in energy generation and storage that it has in vehicles.
Potter pointed to his own experience of recently installing a solar-based system to use for charging a Model X. The analyst said the “result have been illuminating so far.”
Tesla has a battery storage business and owns SolarCity—a company that specializes in solar energy services. Tesla also owns its network of electric vehicle charging stations. Tesla CEO Elon Musk has in fact been quoted as saying that Tesla’s energy business could become bigger than its automotive sector.
This morning’s spike gives Tesla a market cap of about $170 billion. Its soaring stock price – the name is up more than 100% year-to- date and 204% year-over-year – has made it the second-most valuable car company in the world, behind Toyota, which is worth about $197 billion.
Tesla Stock Price
As of writing, Tesla’s stock is up 69 points to $928. The ticker, which has been in a general continuation of a steep ascent since early October, currently trades at 63x forward T12 EPS estimates. Tesla’s 52 week high: $969. 52 week low: $176.99.