Tesla shares got a rating upgrade from analysts at Canaccord Genuity, on what the latter perceive as the electric vehicle-maker’s shift to "Apple-esque ecosystem".
Canaccord analyst Jed Dorsheimer boosted his rating on Tesla shares to "buy" from "hold" . Dorsheimer also raised his price target by 155%, to $1,071.00 per share. The analyst mentioned parallels between Apple's "Think Differently" campaign and Tesla's power and storage goals.
"Consumers rave about the in-car software of Tesla and the ease of connectivity," Dorsheimer said. "We expect this consumer/product interaction and admiration to intensify as consumers add solar generation and Powerwall storage products, mimicking the all-encompassing Apple product ecosystem."
According to Dorsheimer, as Tesla’s solar and energy storage products supply constraints are removed, “consumers will be able to become more entrenched in its electrification ecosystem."