Shares of Tesla Inc. rose nearly 1% in after hours Tuesday after analysts at Nomura started covering the stock, rating it a buy and giving it a $500 price target. They forecast “an unprecedented run-up in Tesla’s revenue” to $58 billion in 2021, from $8 billion in 2016, the analysts said in a note. Tesla has “an insurmountable lead in vehicle range per dollar,” benefits from “what we believe is a largely inferior competitive field,” and will overcome Model 3 production constraints, they said. Nomura’s $500 price target on Tesla, representing a 44% upside from Tuesday’s prices, is the highest among 19 recorded by FactSet, and compares with an average $304. Tesla ended the regular session up 1.9%.
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