Tesla Inc.’s stock TSLA,
Monday, 1.8% climbed in premarital trading, setting them on course to open record highs after analyst Dan Ives raised his price target on Wedbush to $ 1,900 from $ 1,800, with persistent signs of a rapid demand in China. The stock has shot up 20.1% over the last three sessions to close Friday at a record $ 1,650.71. Although Ives’ new price target is 15% above Friday’s closing price, he reiterated the neutral rating he had on the stock market since April 25, 2019, when his share price target was at $ 275. “At this point, the robust demand of Model 3 from China remains a linchpin of success and appears to be at a run rate to push 150k unit deliveries out of the gates for Giga 3 in the first year, which is also some strength for Tesla is pushing as Model Y deliveries also start to ramp up, “Ives wrote in a note to clients. “Looking ahead, we believe Musk & Co. have been appointed to announce a number of new potential ‘game-changing’ battery developments on their highly anticipated battery day on September 22.” Tesla’s stock has more than doubled in the past three months to Friday (106.6%), while the S&P 500 SPX,
is 17.8% advanced.
.
