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(BFM Bourse) – This time it is done: the market capitalization of Tesla has exceeded that of Toyota (converted into dollars), thanks to a new acceleration of the price Wednesday at the start of the session on Wall Street.
The short sellers so despised by Elon Musk must make a face. After a 6.98% jump Tuesday, Tesla’s price jumped 4.91% on Wednesday to a new high of $ 1,132.82 around 11:15 a.m. in New York – indicating a capitalization of $ 206.39 billion. . For the first time, the Californian manufacturer created in 2003 overshadows its Japanese competitor Toyota, created 70 years ago, a pioneer in electrification with its Prius (hybrid) marketed since 1997.
The price of Tesla has now multiplied 66 times since its introduction at 17 dollars per share on June 29, 2010. Since January 1 of this year, its performance exceeds 160%, while the Toyota share has declined by 14% coronavirus crisis (which remains honorable compared to the average for its sector).
Tesla is currently trading above average analyst targets (around $ 740) by title, of which only a quarter recommends buying. Toyota for its part at 6,656 yen is theoretically discounted compared to analysts’ objectives, around 7,770 yen on average.
Soon in the S&P 500?
Despite the importance of its capitalization, the Tesla share does not belong to the S&P 500, the main index of the American Stock Exchange. To claim to include the sample of this index, the most followed by managers, the group must in principle display several consecutive quarters of profit. As is the case in France with the scientific council for the indices, the committee responsible for establishing the S&P indices has a certain latitude to decide on inclusions and exits, but as a general rule no company integrates the index by displaying a loss in the most recent quarter.
Operators will therefore follow Tesla’s second quarter results with particular attention, with a preview in a few days of the number of deliveries over the period. Analysts’ projections are extremely dispersed, given the difficulties that punctuated the period (closure of the Freemont factory, disputed by Elon Musk).
Guillaume Bayre – © 2020 BFM Bourse
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