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Tesla Inc (NASDAQ:TSLA) shares are trading higher Thursday following bullish analyst coverage, as well as strong vehicle production numbers in China.
UBS analyst Patrick Hummel upgraded Tesla from a Neutral rating to a Buy rating and announced a $1,100 price target, citing record backlogs, margin momentum and a structural competitive edge in the supply chain.
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According to a Reuters report, citing the China Passenger Car Association, Tesla sold 32,165 China-made vehicles in May, including 22,340 vehicles for export. Tesla's Giga Shanghai reportedly produced 33,544 vehicles last month, representing a 212% increase from April.
Tesla's Shanghai factory was forced to shut down in April following a citywide lockdown in response to a COVID-19 surge. Tesla reportedly makes more than 2,000 vehicles per day at its China-based facility.
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TSLA Price Action: Tesla has traded between $1,243.49 and $593.50 over a 52-week period.
The stock was up 2.25% at $741.95 at press time, according to data from Benzinga Pro.
Photo: courtesy of Tesla.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.