Cathie Wood’s Ark Invest said it expects Tesla Inc’s share price to reach the $3,000 mark by 2025.
Ark expects Tesla’s market capitalization to reach as high as $4 trillion in the best-case scenario, according to a research note published on Friday.
The investment management firm set the price target for Tesla at $1,500 per share on a bear basis by 2025 and $4,000 per share on a bull basis.
Last year, Ark Invest said it expected the company’s stock to hit $7,000 per share, or $1,400 when adjusted for its five-for-one stock split, by 2024.
From last year, when Ark published its previous note on Jan. 31, 2020, Tesla’s stock rose as much as 400% to $654.87 as of Friday’s close.
Ark Invest also increased the probability of the electric car maker achieving fully autonomous driving within five years, and said the company’s net autonomous ride-hail revenue could be as much as $327 billion by 2025. It expects Tesla’s electric vehicle revenue to reach between $234 billion and $367 billion by 2025.
Tesla is the largest holding of the high-flying $26.6 billion ARK Innovation exchange-traded fund and fund operator Wood, Ark’s chief executive, has been a longtime Tesla bull.
Reporting by Aakriti Bhalla in Bengaluru; editing by Jonathan Oatis; Reuters