Tesla Charging Higher After Price Target Raise At Baird

em>Joel Elconin is the co-host of

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Tesla Motors

shares are trading higher by $8.54 at $257.38 in Monday's session. The catalyst for the rally is comments from Barid analyst, Ben Kallo, who reiterated an Outperform rating and raised its price target from $275 all the way to $335. The move has broken the issue out of a trading range that has persisted since May 22 between $245.01 and $252.87. After a higher open ($250.85 versus Friday's close of $249.14), it briefly retreated to $250.31 before resuming its rally. So far, it has reached $258.75 before falling back to the $257 level. That marks the highest level for the issue, since it peaked at $259.99 on November 18. The analyst's target is considerably higher than its all time high that made on September 4 at $291.42.