Tesla Surging As Model S Deliveries Begin Today
Shares of Tesla (NASDAQ: TSLA) are jumping on Friday as the electric car-maker begins deliveries of its new Model S sedan. At last check, the stock was trading up a little less than 4% at $33.46. The shares have been rising for the last week and have now added 12% over the last 5 trading sessions. On Wednesday, Goldman Sachs (NYSE: GS) raised its price target on the stock from $36.00 to $50.00.
Goldman analyst Patrick Archambault wrote “We see significant positive catalysts ahead,” citing the Model S, and Tesla's Model X sport-utility vehicle planned for 2013. The Model S is the company's first vehicle to be designed and built completely in-house and has a base price of $57,400. The sedan is being built at Tesla's Fremont, California plant and has a range of up to 300 miles per charge.
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