Tesla’s stock surges toward another record after the Street’s most bearish analyst boosts price target
- 6th July 2020
- Posted by: Hakeem
- Category: Stock
Shares of Tesla Inc. TSLA, +7.95% shot up 6.2% in premarket trading Monday, putting them on track to open at another record high, as even the most bearish Wall Street analyst got a little less bearish, after the electric vehicle maker’s better-than-expected deliveries data released last week. The stock has soared 25.9% amid a 4-day win streak through Thursday, which included three-straight record closes. Analyst Ryan Brinkman at J.P. Morgan raised his stock price target to $295, which is 76% below Thursday’s closing price of $1,208.66, from $275, as a result of the deliveries data, but his target remains the lowest of the 32 analysts surveyed by FactSet. Brinkman reiterated his underweight rating, citing a “lofty” valuation, and cautioned that any substantially better results could include items of a one-time nature, including credit sales and release of deferred revenue associated with autonomous driving features. Meanwhile, Deutsche Bank analyst Emmanuel Rosner raised his rating to $1,000 from $900, while keeping his rating at hold, citing the “robust” deliveries data. The average rating of the analysts surveyed by FactSet is now $774.98, or 36% below Thursday’s closing price. The stock has now nearly tripled year to date (up 189%), while the S&P 500 SPX, +0.45% has slipped 3.1%.