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.
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.
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