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Friday's Market Minute: Can Tesla Stick The $1,000 Landing?

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Friday's Market Minute: Can Tesla Stick The $1,000 Landing?

Tesla(NASDAQ: TSLA) stock closed above $1,000 for the first time on Thursday and is continuing to rise in pre-market trading Friday. Bullish sentiment soared after Jefferies increased their price target on the stock to $1,200, nearly doubling their original target of $650 while also maintaining a buy rating. Jefferies analyst Philippe Houchois said in a note, "Against expectations even a few months back, the gap with peers is widening, from product to battery tech/capacity." Houchois also mentioned that COVID-19 has contributed to the acceleration of electric vehicles among consumers.

The auto company currently has multiple ongoing projects that could potentially benefit them as more companies switch to clean energy, and the demand for electric vehicles grows globally. These projects include the Shanghai Factory, which is intended to grow and maintain Tesla's production in China. "Tesla Energy" has recently been approved to become an energy generator in the U.K. Tesla's Semi is also in the works, in addition to its Roadster and Cybertruck. All of these concepts have contributed to higher valuations on the EV maker, although most valuations remain below $1,000. Tesla shares are up roughly 180% over the past 3 months, outperforming the S&P 500's performance of +29%. The stock has a 52-week high of $1,027.48 and a 52-week low of $211.

 

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