Advertisement
UK markets close in 45 minutes
  • FTSE 100

    7,878.16
    +1.11 (+0.01%)
     
  • FTSE 250

    19,348.67
    -102.00 (-0.52%)
     
  • AIM

    744.10
    -1.19 (-0.16%)
     
  • GBP/EUR

    1.1658
    -0.0026 (-0.22%)
     
  • GBP/USD

    1.2443
    +0.0005 (+0.04%)
     
  • Bitcoin GBP

    51,845.31
    +557.87 (+1.09%)
     
  • CMC Crypto 200

    1,364.05
    +51.43 (+4.08%)
     
  • S&P 500

    5,001.12
    -10.00 (-0.20%)
     
  • DOW

    37,974.57
    +199.19 (+0.53%)
     
  • CRUDE OIL

    83.15
    +0.42 (+0.51%)
     
  • GOLD FUTURES

    2,401.50
    +3.50 (+0.15%)
     
  • NIKKEI 225

    37,068.35
    -1,011.35 (-2.66%)
     
  • HANG SENG

    16,224.14
    -161.73 (-0.99%)
     
  • DAX

    17,739.24
    -98.16 (-0.55%)
     
  • CAC 40

    8,030.81
    +7.55 (+0.09%)
     

Tesla stock is worth $3,000: Ark Invest's Cathie Wood

Despite the coming avalanche of electric vehicles from Ford, General Motors and Toyota, famed investor Cathie Wood is staying very bullish on one of her long-time favorite companies — Tesla (TSLA).

The founder, CEO and CIO of Ark Invest said in an exclusive interview with Yahoo Finance Live on Friday that her base case on Tesla is $3,000 a share.

"Our estimate for Tesla's success has gone up. The main reason for that is their market share. Instead of going down from year-end 2017 to today, it has actually gone up fairly dramatically," Wood explained.

Tesla remains a top holding in several of Wood's closely followed innovation focused ETFs. The firm's flagship ARK Innovation ETF, for example, counts Tesla as its top holding at 10.49% of the ETF's holdings.

ADVERTISEMENT

Wood added that the new EVs from the more established automakers only validate Tesla's strategy. Moreover, Wood struck a bullish tone on the market potential for EVs in China.

Tesla stock closed up 0.19% at $733.75 Friday.

Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.

Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, YouTube, and reddit