Analyst: Tesla Stock Could Hit $300

While analysts are mixed regarding their expectations for (NASDAQ: TSLA) stock from here, the primary trend of their price targets for the growth stock SEO has recently been up. Analysts have been impressed with the company's better-than-expected second-quarter deliveries and Tesla's overall resilience in the face of an uncertain macroeconomic environment.

Let's take a look at why one of the most bullish Tesla analysts thinks shares are worth holding despite the stock's more than 120% year-to-date return. The reasoning for his bullishness? Overall automotive production is picking up more momentum than anticipated, and Tesla's manufacturing trends are no exception. This has Bank of America analyst John Murphy lifting his price targets for stocks in the auto industry significantly. As for his view for Tesla stock specifically, the analyst recently raised his price target from $225 to $300.

After reporting an 83% year-over-year increase in second-quarter deliveries, Murphy is applauding the electric-car maker's higher-volume business. He believes that better-than-anticipated improvements in supply in the auto industry year to date are making car companies like Tesla more valuable.

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Source Fool.com