Tesla’s stock surges into record territory, extending 18% rally over past 2 days

/ / News

Shares of Tesla Inc. surged 3.2% in premarket trading Friday, after soaring 17.9% over the previous two sessions, which puts it on track to open above the July 20 record close of $1,643.00. The rally comes amid reports of no less than two analyst upgrades, with Dow Jones reporting that both BofA Securities and Morgan Stanley backed away from bearish ratings to rate Tesla the equivalent of neutral. The upgrades come well ahead of the next big potential catalyst for the electric vehicle maker, which is the Battery Day scheduled for Sept. 22. Meanwhile, Tesla’s stock was set to open below the July 13 all-time intraday high of $1794.99; on that day, the stock rose as much as 16.2% intraday, before closing down 3.2%. Tesla’s stock has more than doubled (up 101.8%) over the past three months through Thursday, while the S&P 500 has gained 18.3%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.