Thursday, January 9, 2020

Tesla has higher value than Ford, GM together after surge

Tesla Inc. became more valuable to U.S. stock investors Tuesday than Ford Motor Co. and General Motors Co. combined. The electric-car maker’s market value closed at $88.7 billion, surpassing an $86.2 billion total for Ford and GM, according to data compiled by Bloomberg. Tesla’s value rose more than 175% through Wednesday from a low in June as the company reported a surprise third-quarter profit and began production from a new Chinese factory. Along the way, Tesla exceeded Ford’s record market value of $80.7 billion in May 1999, along with GM’s post-bankruptcy peak of $66.9 billion in October 2017.

Tesla Inc.’s record-setting stock surge has left Wall Street analysts in the dust. Their average 12-month price projection for the electric-car maker, based on a Bloomberg survey, trailed Tuesday’s close by 34%. Only three of 30 firms to set targets, Argus Research, Jefferies Financial Group Inc. and Oppenheimer & Co., had estimates above the current price -- and all of them were raised within the past week. Tesla also had a lower consensus analyst rating, compiled from buy, hold and sell recommendations, than about 90% of the stocks in the Russell 3000 Index. The consensus included 15 sells, the most of any Russell 3000 company.

TM, TSLA, VW, GM, F  (Jan 22, 20)

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