As previously reported, Wolfe Research analyst Rod Lache upgraded Tesla to Outperform from Peer Perform and set a $360 price target on the shares in conjunction with raising his 2025 U.S. EV penetration estimate to 20% from 10% and his global EV penetration estimate to 22% from 17.5%. The Inflation Reduction Act, or IRA, "stands out as far and away the most consequential development for the U.S. Auto Industry that we've seen in a very long time," Lache tells investors, adding that he believes that this "development is still far from fully appreciated." Given this view, Lache is "incrementally more positive" on Tesla and he is raising his 2023 and 2025 EPS estimates to $7.40 and $16 from $6.12 and $12.70, respectively.
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