Why Tesla Kept Rallying Today
(NASDAQ: TSLA) shares have closed higher for six straight days, and a seventh looks likely after today's market closes. The rally has boosted shares of the electric vehicle (EV) leader by almost 40% in just the last month. Shares were higher again today by 6% as of 12:05 p.m. ET.
The most recent surge comes after Tesla reported relatively strong vehicle delivery results from the second quarter yesterday. That led to widely followed Wedbush analyst Dan Ives lifting his already lofty price target on the stock to near a Wall Street high among analysts following the company. Ives bumped his price target from $275 to $300 per share today. That would represent a gain of another 30% from yesterday's closing price.
Tesla delivered nearly 444,000 electric vehicles (EVs) in the second quarter. While that was a 4.8% decline compared to the prior-year period, it was higher than many analysts expected. And Ives thinks it's just the start of an acceleration in EV sales for Tesla. In his report today, Ives wrote:
Source Fool.com
Tesla Inc Stock
Currently there is a rather positive sentiment for Tesla Inc with 88 Buy predictions and 52 Sell predictions.
As a result the target price of 249 € shows a slightly positive potential of 7.37% compared to the current price of 231.9 € for Tesla Inc.
