Why Tesla, Rivian, and Lucid Motors Are Rocketing Higher Today
Shares of electric vehicle makers Tesla (NASDAQ: TSLA), Rivian (NASDAQ: RIVN) and Lucid Motors (NASDAQ: LCID) were rocketing higher today, up 8.4%, 6.2%, and 6.2%, respectively, as of 11:27 a.m. ET.
Tesla received some welcome company-specific news today, while Lucid had a favorable funding round last week. But the likely cause of today's rise was a macroeconomic data point that lifted all high-growth stocks. That came in the form of today's employment report, in which "bad news is terrific news" for certain beaten-down high-growth names.
This morning, Morgan Stanley analyst Adam Jonas wrote a bullish note on Tesla after the stock's amazing plunge over the past month. Although he lowered his price target from $330 to $250 due to the challenging macroeconomic and high-rate environment, Jonas said he believed Tesla could extend its lead over both electric vehicle start-ups and legacy players making the EV transition due to its first-mover status and ability to self-fund its operations:
Source Fool.com
