JMP upgrades Tesla to Outperform with $1,060 target after virus driven selloff

JMP Securities analyst Joseph Osha upgraded Tesla to Outperform from Market Perform with a $1,060 price target. The shares closed Monday up 11%, or $75.63, to $743.62. The recent “market-driven” pullback driven by virus disruptions provides investors with a good opportunity to enter the stock, Osha tells investors in a research note. Further, a review of electric vehicle offerings from competitors suggests that Tesla’s market position should continue to be dominant, contends the analyst. The company’s the longer-term potential for growth suggests the stock should be more highly valued on the 2021 outlook than it currently is, Osha believes.