Tesla’s stock rallies into record territory after Wedbush raises price target

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Tesla Inc.’s stock climbed 1.8% in premarket trading Monday, putting them on track to open in record territory, after analyst Dan Ives at Wedbush raised his price target to $1,900 from $1,800, citing continued signs of accelerating demand in China. The stock has shot up 20.1% over the past three sessions to close Friday at a record $1,650.71. Although Ives’s new price target is 15% above Friday’s closing price, he reiterated the neutral rating he’s had on the stock since April 25, 2019, when his stock price target was at $275. “To this point, robust Model 3 demand out of China remains a linchpin of success and appears to be on a run rate to hit 150k unit deliveries in the first year out of the gates for Giga 3 which is driving some strength for Tesla as well as Model Y deliveries starting to ramp as well,” Ives wrote in a note to clients. “Looking ahead, we believe Musk & Co. are slated to announce a number of new potential “game changing” battery developments at its highly anticipated Battery Day on Sept. 22.” Tesla’s stock has more than doubled (up 106.6%) over the past three months through Friday, while the S&P 500 has advanced 17.8%.
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