Tesla wins Street-high $578 price target as New Street sees ‘hyper growth’ (NASDAQ:TSLA)

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Tesla (NASDAQ:TSLA) gains a new bull as New Street Research analyst Pierre Ferragu upgrades shares to Buy from Neutral and raises his price target to a Street-high $578 from $400 previously, saying the company has a “decade of hyper growth ahead” and has “no credible competition on the horizon.”The company now addresses the entire premium segment, with high-end and mid-end sedan and SUV models, which is an 8M-unit market globally, New Street analyst Pierre Ferragu notes.”Amazon has traded in the 50x-100x earnings range for over a decade, and we expect Tesla to follow suit,” Ferragu writes.Before the upgrade, the wide majority of analysts rated TSLA at Neutral, with a $336 average price target:

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