Tesla stock gains after Jefferies boosts target to new Street high of $2,500

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Shares of Tesla Inc. are up 1.1% in premarket trading Wednesday after Jefferies analyst Philippe Houchois raised his price target on the stock to $2,500 from $1,200, with the new target representing the highest listed on FactSet. “Tesla’s competitive edge in cars may soon start to shrink but continues to widen in multiple other dimensions, from brand leverage and software to battery capacity and industrial efficiency,” Houchois wrote in a note to clients. He’s also looking ahead to the company’s Battery Day on Sept. 22, when he expects that Tesla will “set new benchmarks and ambitions for battery density, materials and industrial processes leading to pack costs
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