By Noel Randewich
(Reuters) – Shares in Tesla rose 3% on Monday after Canaccord Genuity raised its rating on electric car makers to “buy” and compared its brand to Apple.
Canaccord Genuity analyst Jed Dorsheimer upgraded Tesla to buy hold and raised its price target to $ 1,071, the second-highest among 37 analysts followed by Refinitiv.
The company, run by Elon Musk, last traded at $ 697.
“TSLA is rapidly creating an Apple ecosystem of energy products, harmonized in electrification, to become the brand in energy storage,” Dorsheimer wrote in a customer note focusing on Tesla’s battery technology and residential energy products.
He compared the brand that Tesla had built around its battery technology to Apple’s hugely successful marketing campaign “Think Different”, which was launched in the 1990s.
The recent rise in Tesla’s share leaves it down about 1% for the year, as investors await the quarterly results that will be in two weeks.
Tesla had a record quarterly delivery last week amid strong demand in China, which beat analysts’ expectations.
Tesla’s share has risen more than 500% over the past twelve months, and its $ 668 billion market capitalization makes it by far the most valuable carmaker, although the production is a fraction of competitors such as Toyota Motor Corp, Volkswagen AG and General Motors Co.
When he reports his results on April 26 to April 26, analysts expect a 70% increase in revenue to $ 10.2 billion, and a net revenue of $ 504 million, up from $ 16 million a year ago, according to Refinitiv .
Binance Holdings Ltd, cryptocurrency exchange, said on Sunday https://www.binance.com/en/blog/421499824684901927/Trade-Stock-Tokens-on-Binance gives its clients access to the stock market with the launch of tokens Tesla shares, priced in Binance USD, represent a “regulated stable currency” pegged to the dollar.
(Reporting by Noel Randewich; editing by Bernadette Baum)