Piper Sandler analyst Alexander Potter raised the firm's price target on Tesla (TSLA) to $2,400 from $2,322 and reiterates an Overweight rating on the shares.
The stock in premarket trading is up 5% to $1,677.35.
The analyst stills think Tesla "deserves 'must own' status" following last night's Q2 results. While true that the company benefited from a high amount of credit-related revenue in the quarter and S&P 500 Index eligibility likely wouldn't have been possible without that revenue, it is "undeniably impressive" that the company may still exceed 500,000 deliveries in 2020, Potter tells investors in a research note.
The analyst says that with market share "inflecting "and self-driving roll-outs on the horizon, he "can't envision" selling Tesla now.
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