Tesla Jumps 11% on Wunderlich Upgrade

Shares of Tesla Motors TSLA are trading at a new all-time high in the wake of an upgrade from Wunderlich Securities' analyst Theodore O'Neill from "hold" to "buy." The analyst also raised his price target on the stock from $30 to $49. On the day, TSLA shares have risen 11% to $37.84. Volume has been heavy with more than 3 million TSLA shares trading hands compared to a 3-month daily average of 1 million. O'Neill wrote that Tesla's production of the Model S electric sedan is "at or ahead of schedule." He added, "There is no reason from a production standpoint why it can't immediately ramp to 5,000 cars per quarter. The electric car is significantly simpler to produce than a regular car. It will only be limited by components in the supply chain."