Tesla Continues To Make New All-Time Highs

Tesla Inc TSLA shares are trading higher by $9.00 (3 percent) at $311.54 in Monday's session. After a few days of consolidation, the stock is breaking out to new all-time highs.

The catalyst behind the gain is an upgrade from Piper Jaffray, who raised its rating from Neutral to Overweight and raised its price target from $223 to $368, which is one of the highest on the Street.

ICYMI: How Far Will Tesla's Technical Breakout Take The Stock?

After a much higher open, well above its former all-time high ($304.88), Tesla's stock had a brief decline to $308.71 before continuing its stealth move higher. That low was above the the upper-end of Friday's range, which was about $6.00 lower at $302.69.

So far, the rally took the stock to $313.73 but it has fallen back into the mid-$311.00 handle as of 10:38 a.m. ET.