Argus Upgrades Tesla, Sets $444 Price Target

Shares of Tesla (NASDAQ: TSLA) jumped today thanks to an analyst upgrade. Argus Research analyst Bill Selesky has now boosted his rating on shares of the electric-car maker from hold to buy, while tacking on an ambitious $444 price target.

The analyst cites strong demand for Model 3 as a key reason for the upgrade, pointing to the approximately 1,800 new orders per day that Tesla has been receiving since its handover party on July 28, a figure that the company shared in its second-quarter earnings letter. Selesky is encouraged that Tesla has been able to generate this level of interest without traditional advertising or marketing campaigns. "We think this highlights the strong demand for an electric car that provides buyers with high-end features and styling at a relatively affordable $35,000 retail price -- well below those of the company's earlier models," the analyst writes.

Image source: Tesla.

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Source: Fool.com