Tesla CEO Elon Musk is the next Steve Jobs, says Merrill Lynch analyst Steve Milunovich in a note this morning, via Eric Savitz at Forbes.
Milunovich says the auto industry is going to change more in the next 10 years than it has in the last 100 hundred years, and Musk is going to be at the forefront of those changes. “In our view, CEO Elon Musk may be similar to Steve Jobs in being a technology visionary also able to manage and create shareholder value.”
Telsa’s entire future hangs on the promise of the Model S, a beautiful electric sedan slated for release in the next year. The Model S is supposed to get 300 miles per full charge, and the base model will cost $49,000.
While Tesla has no manufacturing experience, and electric cars are still rare, Milunovich thinks Tesla can sell a lot of Model Ss, which he considers a “no compromise” electric car.
He has a $35 price target on the stock, which currently trades at ~$25.