Tesla Stock Has Over 50% Upside After Strong 2020 Guidance: Investment Firm, Crypto Coins News

Tesla bulls are on a rampage after a blockbuster earnings beat.
The electric vehicle manufacturer announced that it can comfortably deliver , units this year.
The earnings beat and strong 2020 guidance drove Wedbush to put a price target of $ for TSLA.

Investors were worried heading into Tesla’s (NASDAQ: TSLA) latest earnings call. The stock had more than doubled in the last six months, so the car maker needed a blockbuster earnings call to justify its over $ 500 billion valuation . Tesla did not disappoint.

The company beat earnings expectations. On top of that, it delivered a strong guidance that showed its ability to boost production as well as demand.

Tesla Exceeds Expectations

Tesla is up big in after hours trading after announcing it beat consensus estimates. The most valuable car company in the U.S. printed an earnings per share (EPS) of $ 2. on revenue of $ 7.4 billion. Tesla’s fourth-quarter EPS topped Wall Street expectations of $ 1. per share by over 54%. In terms of revenue, the company surpassed estimates of $ 6. billion by more than 7%.

Tesla gave investors reason to rejoice after announcing that the company can comfortably deliver , units. In an article that I published this week, I noted that Tesla must provide a delivery guidance of over 580, units to justify its astronomical value. That’s exactly what Tesla did and now its stock is surging.

Tesla bulls are flexing their muscles after a strong Q4 earnings report. | Source: Twitter Wedbush Slaps a Price Target of $ 900

Wedbush, a financial services and investment firm, is one of the biggest bulls of the EV company. Their analyst Dan Ives explained ,

We believe the China opportunity is worth at least $ per share ($ in a bull case scenario) and potentially more and remains the key fuel in the growth engine along with Europe Model 3 demand.

With the release of a strong earnings report,

Wedbush has turned ultra bullish on Tesla

. Ives emphasized that Tesla now has the capacity to manufacture , (units for the) fiscal year. In addition, the analyst said that demand in China can ramp up deliveries to one million in , which is two years ahead of previous projections.

Based on the company ability to ramp up production and demand, Wedbush’s price target has been lifted to $ from $

At Wednesday’s close, TSLA traded at $ . . The stock added on to its gains in after-hours trading as it skyrocketed above $ . Tesla responds positively after the release of the earnings report. | Source: Twitter It appears that Tesla’s bull rally is showing no signs of stopping anytime soon. If Wedbush is correct, the stock can soar as high as (% from Wednesday’s close.)