Tesla (TSLA) just split 3:1 and now trades at $297.10 a share.
From here, the EV stock could rocket well above $900 a share again, with patience.
For one, electric vehicle demand is only accelerating. Not only do global leaders want millions of EVs on the road, California is about to prohibit the sale of gas-powered cars.
“The rule, issued by the California Air Resources Board, will require that 100 percent of all new cars sold in the state by 2035 be free of the fossil fuel emissions chiefly responsible for warming the planet, up from 12 percent today. It sets interim targets requiring that 35 percent of new passenger vehicles sold in the state by 2026 produce zero emissions. That would climb to 68 percent by 2030,” according to DNYUZ.com.
Two, investors love stock splits – especially Tesla’s.
After splitting in August 2020, the stock ran from about $320 to more than $1,240.
Three, as noted by Barron’s: Wedbush analyst Dan Ives raised his Tesla price target to $360 a share from $333, reflecting improving vehicle production in China.