Canaccord Genuity upgrades Tesla to buy and raises price target to $1,071 on battery innovation

Tesla's Model Y compact crossover vehicles at a showroom in Shanghai, China, on January 18, 2021.
VCG | Visual China Group | Getty Images

Canaccord Genuity is bullish on Tesla's battery storage business, which it says warrants the company's rich valuation.

The Wall Street firm upgraded shares of the electric car maker from buy to hold, sending the stock up 3.7% on Monday.

Canaccord also hiked its 12-month price target on Tesla to $1,071 per share from $419 per share. The new target implies a nearly 60% rally for Tesla, based on Friday's closing price of about $677 per share.

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