- Tesla shares fell again on Monday as investors reacted to another wave of price declines.
- ARK Invest has a $2,000 price target on Tesla, implying a 1,300% upside in the stock by 2027.
- Tesla will report its financial results after the bell on Tuesday.
Even the biggest Tesla bulls are expecting some degree of disappointment as Tesla releases its earnings on Tuesday.
“I wouldn't be surprised if there were some short-term upsets,” Tasha Keeney, director of investment analysis at ARK Investments, said on CNBC Last Call on Monday. “But long-term, I think EVs are here to stay.”
ARK Invest's current price target for Tesla stock is $2,000 by 2027. This aggressive forecast represents a 1,300% increase from Tesla stock's closing price of $142 on Monday.
The electric car maker's shares fell for the seventh straight session in Monday trading following price cuts on several models, pushing the stock to a 15-month low.
“Tesla's pricing is very competitive,” Keeney said. “It will be very difficult for other companies to catch up with them at this point.”
Keeney emphasized that ARK Invest is focused on long-term innovations that Tesla is looking to capitalize on, such as robotaxis.
“The company is single-handedly driving the electric vehicle industry forward, and the same thing will happen with self-driving,” Keeney said. “So what we're focused on is that long-term story.”
