Tesla Stock Rises as Analyst Upgrades Rating; Closes at Record High
On Monday, after a notable analyst raised the target on Tesla, shares surged to a record high of $117.77 before closing the day at what was still a record of $117.18.
Elaine Kwei, an analyst for Jefferies Group, raised the price target on Tesla to $130. That’s up from her previous target of $70.
Additionally, Kwei pumped up her production prediction for the Model S in 2013 from 19,800 to 21,500, as well as boosting Tesla’s Q2 output from 4,500 to 5,000 units.
As Kwei remarked:
“Despite the massive run in the stock, we believe TSLA is one of the best growth stories in the market today and still has upside.”
All of Kwei’s actions led to Tesla shares increasing by 9.2 percent to close at that magical all-time high figure.
Of course, Tesla’s current string of successes have boosted its stock price, too. So, let’s not put this all on the back of one lone analyst.