Shares of Tesla surged 10% to a record high on Monday, extending their rally to nearly 40% in five sessions after analysts raised their price targets on the electric car maker following its strong quarterly deliveries.
FILE PHOTO: The Tesla logo is pictured on an electric car at Brussels Motor Show, Belgium, January 9, 2020. REUTERS/Francois Lenoir
JMP Securities increased its price target to $1,500 from $1,050 after Tesla last Thursday reported higher-than-expected second-quarter vehicle deliveries, defying a trend of plummeting sales in the wider auto industry as the coronavirus pandemic slammed the global economy. JPMorgan, which has an “underweight” rating on Tesla, raised its price target to $295 from $275, while Deutsche Bank upped its price target to $1,000 from $900. The median analyst price target for Tesla is $675, compared with its current price of $1,326, according to Refinitiv.
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