CFRA Raises Tesla Price Target To $650, Sees Momentum Continuing

Tesla Inc TSLA stock has been on a dramatic rise since the announcement that the company will be included in the S&P 500. The increase in share price is due to anticipation that funds will need to buy a large amount of shares come Dec. 21.

On Monday, CFRA analyst Garrett Nelson maintained a Strong Buy rating on Telsa and raised the stock's price target from $550 to $650.

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Nelson thinks Tesla's positive moment from the S&P inclusion announcement will continue. He also mentions the possibility of electric vehicles being subsidized under the Biden administration.

Nelson previously suggested selling Tesla shares in January of 2020, calling the valuation of the company at that time "quite frothy."

Tesla trades around $586 per share at publication time. The stock is higher by 600% year-to-date.

Photo courtesy of Tesla.