RBC Capital Raises Tesla Price Target to $500

RBC Capital analyst Tom Narayan raised the price target on Tesla (NASDAQ: TSLA) to $500 (from $475) while maintaining an Outperform rating.

“Raise PT to $500 on Potential SpaceX Combination; In this report, we raise our Tesla PT to $500 by incorporating a 25-30% premium to current trading levels, (and a 15% premium to the stock’s intrinsic value), owing to a potential SpaceX acquisition scenario based on unconfirmed media reports.

We also sharpen our pencils on our Tesla intrinsic valuation. We believe our robotaxi work in particular is unique in both in its approach and detail.”

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