Tesla has shown it presents a significant risk to legacy automakers as the electric vehicle market grows more crowded, Oppenheimer analyst Colin Rusch told CNBC on Monday.
Rusch became the biggest Tesla bull on Wall Street earlier in the day, when he raised his price target on the stock by nearly 60% to $612 per share.
“Tesla has really proven to be an existential threat for those companies,” Rusch said while explaining his price hike on “Power Lunch.”
Rusch specifically referenced the message sent by Tesla with its new Gigafactory 3 in Shanghai, which was built in 10 months. It began delivering cars made there at the end of 2019 and has reportedly increased production to more than 1,000…