Tesla gets a 33% price target boost but stock pulls back, in danger of snapping 5-day win streak

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Shares of Tesla Inc. dropped 2.7% in premarket trading Wednesday, to put them on track to snap a 5-day win streak, even as Deutsche Bank analyst Emmanuel Rosner boosted his price target by 33%. The electric vehicle and battery maker’s stock has soared 36.2% over the past five days, to retrace 71.1% of the 34% bear-market plunge from the Sept. 1 record close of $498.32 to the Sept. 8 closing low of $331.21. Rosner raised his stock price target to $400 from $300, but reiterated his hold rating, as his new target is still 11.1% below Tuesday’s closing price of $449.76. Rosner said Tesla could unveil “a new insourced manufacturing system” to ramp up battery capacity, improved cell chemistry that greaty enchances performance and “fast-declining” battery costs at its much-anticipated Battery Day scheduled for Sept. 22. “While media and investors’ expectations for the event are high, we believe these announcements could meet many of them, and reinforce Tesla’s position as a technology leader,” Rosner wrote in a note to clients. “We believe investor ongoing enthusiasm for EV plays and the expected confirmation of ongoing technology lead by Tesla, could continue to support its high valuation.” Tesla’s stock has rocketed 437.6% year to date through Tuesday, while the S&P 500 has gained 5.3%.
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