Tesla stock hit a record high in the first trading session of 2021, extending the more than eight-fold increase from last year that helped become the world’s most valuable automaker.
The company surpassed Wall Street’s annual vehicle delivery targets on Saturday but missed its 450-unit target, Elon Musk, half a million cars in 2020.
The stock’s soaring was helped by five-quarters of straight earnings, which helped the electric automaker stand out in the global auto industry, which saw sales declines, quarterly losses and supply chain disruptions.
« We are increasing our projections to reflect higher fourth quarter shipments and reports of strong demand for the Model Y in China, which also suggests higher future shipments, » J.. . P. . Morgan analysts said in a customer announcement.
The broker also raised its price target for Tesla from $ 90 to $ 105. Street’s median target price for the stock is $ 424. $ 5.319 below current trading price, based on refinitive data.
Tesla, however, is faced with the difficult task of ramping up production. The delivery spurt to date has been supported by the new plant in Shanghai, the only plant currently manufacturing vehicles outside of California.
« The bad news is keeping up with that demand. The company needs to build new factories quickly in Austin, Texas and Brandenburg, Germany, « said Gene Munster, Managing Partner at Loup Ventures.
« . . . Ramp production is difficult and, alongside FSD (Full Self-Driving) status, will be one of the most important Tesla topics in 2021. . «
The company’s shares, which were added to the S&P 500 benchmark index in December, rose as much as 5. 4 percent at $ 743. 74 in early trading.
Tesla, Inc. . , Elon Musk, electric vehicle, Tesla Model Y
World News – AU – Tesla hits record high in first trading session of 2021
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