Tesla Sharply Higher After Nomura Starts Coverage At Buy

Tesla Inc TSLA shares are trading higher by $6.36 at $354.51 in Wednesday's session. The stock is now over $20.00 higher than its intraday low ($331.28) on Tuesday.

Before the open, Nomura Securities initiated coverage of Tesla's stock with a Buy rating and $500 a price target.

See Also: How The Experts Reacted To Tesla's Q3 Deliveries

After a higher open, it retreated but found support above the top of Tuesday's range ($348.55), before continuing its move higher.

So far, the follow-through rally has taken the stock to $358.82, but has backed off that high. That level exceeds its Sept. 25 high ($357.47), but is well shy of its Sept. 22 high ($369.90).