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07 December 2020 12:49

Tesla Inc (NASDAQ: TSLA) recently received a price target of $780 from Goldman Sachs.

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These are the details. Tesla Inc (NASDAQ: TSLA) recently received a price target of $780 from Goldman Sachs. Goldman Sachs had upgraded the stock from neutral to buy and the price target was increased from $455. This price target increase added to a number of other recent milestones for the electric vehicle company, including that it would be added to the S&P 500 and the company reporting five consecutive quarters of profits. Analysts at Goldman pointed out that they believe electric vehicle adoption was accelerating due to battery prices falling faster than expected.

Tesla Stock Price: $780 Target By Goldman Sachs

And there is going to be an increase in regulatory proposals to limit or ban the sale of internal combustion engines in the next few decades. Goldman is expecting EVs to comprise 18% of sales globally in 2030 and 29% in 2035. The report also pointed out that the incoming Biden administration will benefit Tesla. "Using the prior Obama plan of ~55 MPG of corporate average fuel economy by 2025 as a starting point for analysis purposes, we believe that companies may need a double-digit percent of sales to come from EVs to comply with stricter emissions standards (especially if there is no bonus treatment for EVs in the calculation)," said the report. Plus the analysts at Goldman Sachs also suggested that Tesla's Energy and FSD (full self-driving) businesses could potentially be worth more than previously assumed. Disclosure: I have a small TSLA position in my stock portfolio

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