Tesla A “Sustainability Behemoth,” Analyst Calls Out

Tesla is increasingly focusing on renewable energy as a whole, rather than just electric vehicles, and offers a wide range of solar and energy storage products for clean energy purposes. The result has made Tesla an unprecedented and new type of company, and one that offers enormous benefits to the world in terms of overall sustainability.

Canaccord Genuity analyst George Gianarikas called Tesla a “sustainability behemoth” in a recent note to clients, as detailed in a report by Yahoo Finance. Citing Tesla’s solar and energy storage program, its electric vehicles (EVs) and its dominant positions in both, Gianarikas expects to see continued growth from the company.

“As we look over the next six to 12 months and over the next several years, it’s actually quite positive for Tesla,” Gianarikas said. “They have an incredibly strong balance sheet to weather a recession. And on the other hand, they’re destined to increase their leadership in electric vehicles, which we believe is on the cusp of really penetrating the overall automotive market.”

The news comes after significant declines in Tesla’s stock price over the past several months, giving different perspectives on the decline from bulls and bears. With a particular focus on the long-term upside of Tesla’s stock, Gianarikas also cautions that the near-term outlook for the energy-tech auto stock may still be unclear.

“The near term is incredibly uncertain. But that is reflected in the stock,” Gianarikas added. “Sometimes stocks tend to bottom out before the fundamentals do. So when we look long-term, there’s a lot of earnings power here. The company has a lot of growth vectors, whether it’s electric cars, semis, robots — we’re very positive in the long term.”

It’s hard to say with any certainty what could happen to Tesla stock in the future, as former Tesla bull and Wedbush analyst Daniel Ives pointed out in recent weeks.

“As Tesla cuts prices and inventories begin to build globally in the face of a likely global recession, Musk is seen as ‘asleep at the wheel’ from a management perspective for Tesla at a time when investors need a CEO to navigate this Category 5 storm,” Ives said.

One thing is certain: Tesla’s energy program has expanded greatly since it acquired SolarCity in 2016, and its addition of the Megapack, Powerwall, solar panels and solar inverters has changed the landscape of renewable energy on both the residential and commercial scale. And these areas are only set to grow in the coming years, even if Tesla’s current stock prices don’t necessarily reflect its potential for upside.

Originally published on EVANNEX. Written by Peter McGuthrie.

Related story: Tesla could become the top US car seller by the end of next year

Disclosure: Nothing above is financial advice of any kind. We do not provide financial advice.




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