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Tesla Stock a Must Own Though Valuation a Guesswork, Melius Says

Tesla Inc.’s potential to disrupt the auto industry makes it a “must own” stock but justifying its trillion-dollar valuation remains a challenge, according to the latest Wall Street analyst initiating coverage on the electric-vehicle maker.

Melius Research LLC analyst Rob Wertheimer is the newest bull on Tesla, saying the company can rapidly improve and scale self-driving cars, which will be the first major manifestation of artificial intelligence in the physical world. The analyst has a buy rating and a target price of $520 on the stock.

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