A Canaccord analyst says the planned energy transition is one of the 'greatest' investment opportunities since the internet. He weighs in on the two EV makers.
Shares of electric vehicle makers have largely sold off this year, following the trend of tech stocks. The Global X Autonomous & Electric Vehicles ETF has tumbled around 27% year-to-date, while leading EV maker Tesla's losses have outpaced the wider market — diving around 32%. Rivian has declined even more — around 67% year-to-date.
" The company is also involved in solar, energy storage and robotics businesses — which he said will add "duration and durability to the Tesla growth story." Gianarikas gave Tesla a buy rating and price target of $801 — an upside of around 190%. That would be a significantly higher target than those of other analysts covering the stock. According to FactSet, 64% of analysts have a buy rating on the stock, and an average target price of $307.27 — or a 12% upside.
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