Shares of Tesla Inc. TSLA,
rose 6.1% in prime trading on Wednesday after falling 7.7% amid a 3-day losing streak, following the announcement of the electric car maker’s announcement of a 5-for- 1-share split. Analyst Ben Kallo at Baird reiterated the neutral rating he had on the stock market since Jan. 9, while maintaining his price target of $ 1,658, which is about 21% above Tuesday’s closing price of $ 1,374.39. “We believe the action gap is a recognition of the fact that the market is increasingly being influenced by individual investors, including those seeking to gain exposure for next-generation transportation,” Kallo wrote in a note to clients. “The power of stock equity is appealing to investors who choose to buy stocks that are positioned to take advantage of the current technology upgrade cycle around transportation, sustainable energy and the software that both enable it.” The stock has more than doubled (up 228.5%) by Tuesday to Tuesday, while the S&P 500 SPX,
has risen by 3.2%.
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