For the e-car maker Tesla, things are going well despite the Corona crisis. This is also reflected in the rapid run of the share certificate. The experts at Oppenheimer see three good times ahead.
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• Tesla share price jumps in April
• Analysts’ voices support the rally
• Oppenheimer convinced in three ways
While events around the world are determined by the developments in the corona pandemic, some companies are more crisis-proof than others. Tesla has shown itself to be one of the groups that can largely resist the negative market field.
Experts are thumbing up for Tesla
The electric car manufacturer experienced a strong tailwind after being able to convince in early April with better than expected delivery figures in the first quarter of 2020. This was also reflected in the positive development of the Tesla share. This was up over 30 percent this month and is currently trading at over $ 700 again (as of April 14th). In addition to good news from the Electric car– Producers also voiced numerous analysts who predict Tesla’s bright future. For example, the Swiss bank Credit Suisse upgraded its share certificate to “neutral” on Tuesday and raised its price target by almost 40 percent to $ 580.
Tesla share: Oppenheimer bullish
The asset manager Oppenheimer & Co. also recently reaffirmed its bullish assessment of the e-pioneer. Tesla scores in three ways, as the analysts said in a customer report that MarketWatch has, and that on a fundamental and technical level.
Tesla’s fundamental data are convincing
Due to the good delivery figures in Q1, Oppenheimer expert Colin Rusch was forced to increase his sales estimates for the electric car manufacturer from $ 4.5 billion to $ 5 billion. He drastically reduced the adjusted loss he expected from $ 2.90 per share to 36 cents a share. Although delivery figures in the second quarter would likely be affected by the temporary closings in Fremont and New York, an increase in production in China could be a positive surprise. This assessment is supported by the announcement that new Tesla registrations in China rose rapidly in March. Compared to the previous month, these jumped by 450 percent to 12,709 units, as data from LMC Automative show.
Charttechnik paints a positive picture for the Tesla share
In addition, the Tesla share also convinces from a technical point of view, as Oppenheimer explains. Here, expert Ari Wald draws on the $ 390 mark as important support. At this value, the 200-day line runs, which in chart technology would provide information about a longer-term upward or downward trend. If the Tesla share holds above $ 390, the outlook remains “bullish”. As Wald explains, there has been an important upward resistance of the paper in the past two years, which could only be broken up towards the end of 2019. Even with some sell-offs of the Tesla share that would have taken place in the wake of the corona panic, the $ 390 mark would only have dropped briefly and would have proven to be important support.
Overall market is outperformed
As the last trump card of the e-car maker, Ari Wald argues that Tesla could benefit from the headwind that the broad market is facing. Here, Wald assumes that “US growth stocks with a large market capitalization will outperform while the market tries to hit the bottom in the coming months,” according to a report to customers.
Accordingly, Oppenheimer confirmed the “outperform” rating with a target price of $ 684.
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