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Tesla Inc. stock flirted with another record close on Thursday, boosted by an upgrade from analysts at Goldman Sachs.
Tesla shares TSLA,
traded over 3% higher at around $ 589 per share in midday trading; a close around those levels would be the highest for the stock since November 27, when it closed at a record $ 585.76.
Stocks have broken more than 30 closing records this year, a seemingly unstoppable rally for a stock that will now be included in the S&P 500 Index in less than 20 days.
See also: Tesla stock will be added to the S&P 500 at once
Earlier Thursday, Goldman Sachs analysts became bullish on the stock, improving their buyer’s ratings and saying that the adoption of electric vehicles around the world “is accelerating and will happen faster than our previous opinion”, thanks lower battery prices improving the economy of electric car ownership.
They also raised their price target on Tesla shares to $ 780 from $ 455, which implies a 30% rise from Thursday’s prices.
Tesla’s “integrated model” and its ability “to deliver a full ecosystem of products to consumers, including solar power, storage and convenient access to fast charging, will help it maintain a leadership position in the market. electric vehicle market, ”Goldman analysts, led by Mark Delaney, said in their memo.
Goldman downgraded Tesla to neutral in June 2020 over concerns about a potential slowdown in demand. “This concern we had about slowing growth in 2H20 was incorrect,” they said in the note.
Related: Tesla’s market cap exceeds $ 500 billion
Tesla has exceeded their expectations in its last two quarterly results. “Going forward, we expect the company to generate strong sales growth of the Model Y with the construction of three new factories (Shanghai, Berlin and Austin), and we are also more optimistic about the opportunity to long term in automotive and energy, ”they told me.
Tesla shares have gained 600% this year, compared to gains of around 14% for the S&P 500 Index. SPX,
Meanwhile, shares of other EV makers were having a tougher time on Thursday, with XPeng Inc. falling the most following a demotion at UBS.
At the last check, the US certificates of deposit of XPeng XPEV,
were down almost 6%, while Nio Inc. NIO,
ADRs fell by 3% and ADR Li Auto Inc. LI,
were down 4%.
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