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Tesla Model 3
Silas Stein | picture alliance | Getty Images
Piper Jaffray increased its price target on Tesla’s stock to $423 a share, saying that “for all its controversy and volatility, we think TSLA is a must-own stock” in the auto sector.
Tesla shares rose 0.5% in premarket trading. The firm’s new 12-month price target, up from $372 a share, represents a 26% climb from Tesla’s previous close of $334.87 a share. While Tesla’s stock is nearly flat for 2019, that’s after the stock rallied nearly 50% in the past three months.
But Piper Jaffray says that it’s difficult “to find a more impactful” disruptive company in any industry than Tesla.