DJ Tesla Is Now the Second-Most-Valuable Car Maker in the World. Look Out Toyota. -- Barrons.com
By Al Root
Electric-vehicle pioneer Tesla is now the second-most-valuable car manufacturer on the planet -- Toyota Motor being the only auto maker that Elon Musk's company has to eclipse to claim the crown.
Tesla (ticker: TSLA) hit another record in Wednesday-afternoon trading. Shares jumped more than $39 a share, or 7.2%, to $586.35. The surge gives Tesla a market value of about $106 billion, leaving previous No. 2 Volkswagen (VOW. Germany) in the dust. The German manufacturer's market capitalization is about $99 billion.
Earlier this month, Tesla passed Ford's (F) peak market value of about $81 billion to claim the title of most valuable car company in America ever. The values, though, aren't adjusted for inflation.
Tesla shares were about $470 at the time and the stock rally didn't stop there. Shares are up an incredible 128% over the past three months, crushing comparable gains of the S&P 500 and Dow Jones Industrial Average over the same span.
Now that Volkswagen is also in the rear view mirror, only Toyota (TM) is larger by market capitalization. It might stay that way for now. With Toyota valued at more than $230 billion, Tesla shares would have to reach about $1,250 to surpass it, assuming Toyota stock didn't move too.
It is worth noting that Toyota and Volkswagen, on a combined basis, sell more than 50 times the number of vehicles that Tesla does. But Tesla is growing faster and is the world's leading producer of electric cars.
Better-than-expected third-quarter earnings catalyzed the recent rally. Now Wall Street analysts are adjusting price targets. That seems to be adding fuel to the Tesla stock fire.
New Street Research analyst Pierre Ferragu, for instance, increased his price target from $530 to $800 a share on Tuesday. Wedbush analyst Dan Ives increased his price target from $370 to $500 a share on Wednesday. Ferragu rates shares the equivalent of Buy. Ives rates the stock the equivalent of Hold.
Overall, analysts have increased their target prices from $285 to $385 a share since third-quarter numbers were reported in October. Analysts, based on that metric, are still chasing the rally. In fact, only three target prices are higher than today's stock price, according to FactSet.
The gap between analysts and the market doesn't have to be predictive. Instead, it is a sign that everyone has been caught off guard by the rally.
Write to Al Root at allen.root@dowjones.com
(END) Dow Jones Newswires
January 22, 2020 15:11 ET (20:11 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
DJ特斯拉現在是世界上第二大最有價值的汽車製造商。小心豐田。-Barrons.com
鋁根
電動汽車先驅特斯拉現在是世界上第二大最有價值的汽車製造商--豐田汽車是埃隆·馬斯克公司唯一一家需要超越才能奪冠的汽車製造商。
特斯拉(股票代碼：TSLA)在週三下午的交易中再創新高.該公司股價上漲逾39美元，至每股586.35美元，漲幅7.2%。這次猛增給特斯拉帶來了約1060億美元的市場價值，這使得之前的第二大大眾汽車公司(Volks)立誓(德國)在塵土中。這家德國製造商的市值約為990億美元。
本月早些時候，特斯拉(Tesla)超過了福特(Ford)810億美元的最高市值，獲得了美國有史以來最有價值汽車公司的稱號。不過，這些價值並沒有根據通脹因素進行調整。
當時特斯拉的股價約為470美元，股票上漲並未就此止步。在過去的三個月裏，股票上漲了128%，使標準普爾500指數和道瓊斯工業平均指數在同一時間內的可比漲幅不堪重負。
現在大眾汽車也在後視鏡中，只有豐田(Toyota)的市值更大。它可能會暫時保持這種狀態。鑑於豐田的市值超過2，300億美元，假設豐田股票沒有移動，特斯拉的股價將不得不達到約1250美元才能超過。
值得注意的是，豐田(Toyota)和大眾(Volkswagen)合計銷售的汽車數量是特斯拉(Tesla)的50倍以上。但特斯拉增長更快，是世界上領先的電動汽車生產商。
好於預期的第三季度收益推動了最近的反彈。現在，華爾街分析師正在調整價格目標。這似乎在給特斯拉的股票火勢火上澆油。
例如，新街研究公司(NewStreetResearch)分析師皮埃爾·費拉古(PierreFerrau)週二將目標股價從530美元上調至800美元。週三，威登布什公司的分析師丹·艾夫斯將他的目標股價從370美元提高到500美元。費拉古利率與購買相當。我認為股票相當於持有量。
總體而言，自10月份公佈第三季度數據以來，分析師已將目標價從285美元上調至385美元。基於這一指標的分析師仍在追逐漲勢。事實上，根據FactSet的數據，只有三個目標價高於今天的股價。
分析師與市場之間的差距不一定是預測性的。相反，這是一個跡象，表明每個人都在集會時措手不及。
致函Al root，電話：allen.root@dowjones.com
(完)道瓊斯通訊社
2020年1月22日15：11(格林尼治時間20：11)
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