Tesla Motors Inc (NASDAQ:TSLA)’s stock is flying high right now, entering the day at $286.04, with a market cap of just over $35 billion. In fact, the stock is flying so high that founder and CEO Elon Musk admitted to CNBC’s Behind the Wheel last night, that the stock price is a little bit high in his estimation.
“I do think people sometimes get carried away with our stock, honestly. Cause I think our stock price is kind of high right now to be totally honest. Or rather, let me put it this way; if you care about the long term of Tesla, I think the stock is a good price. If you look about the short term, it’s less clear,” Musk said.
As CNBC’s Phil LeBeau added, Musk further told him that he expects Tesla Motors Inc (NASDAQ:TSLA) to actually exceed long term expectations, meaning he likely sees the stock as undervalued for anyone who is taking a very long term outlook and position on it.
Several analysts already agree, most recently Stifel Nicolaus, which dropped a $400 price target on the stock at the beginning of the week, citing weak competition, impressive production upgrades that Tesla’s manufacturing plant has achieved in a short time, as well as the sheer momentum of the stock. Several other analysts have recently come out with strong price targets of over $300 on Tesla Motors Inc (NASDAQ:TSLA) as well, including Pacific Crest Securities ($316) and Deutsche Bank ($310).
Musk certainly isn’t complaining about the kind of high, and likely to go kind of higher valuations. The monumental rise of Tesla Motors Inc (NASDAQ:TSLA)’s stock has sent his personal fortune soaring over the $13 billion mark, ranking him within the top 100 on a list of the world’s richest people, according to Bloomberg.
Tesla Motors Inc (NASDAQ:TSLA)’s stock has taken a big hit in early morning trading, falling 2.69% or over $7.50 shortly after the morning bell today.