Shares of Tesla Inc surged 13% to a record high on Monday, extending their rally to over 40% in five sessions after analysts raised their price targets on the electric car maker following its strong quarterly deliveries.
FILE PHOTO: Tesla Inc CEO Elon Musk dances onstage during a delivery event for Tesla China-made Model 3 cars in Shanghai, China January 7, 2020. REUTERS/Aly Song/File Photo
The day’s jump increased Tesla’s stock market value by $30 billion, eclipsing the entire value of Ford Motor Co , currently at $25 billion. “We believe that the question to be considered is not whether the stock is expensive on current valuation measures, but what the company’s growth and competitive position signal about the stock’s potential for the next several years,” JMP Securities analyst Joseph Osha wrote in a client note. Tesla’s annual sales could hit $100 billion by 2025, he predicted.
Tesla’s solid delivery numbers heightened expectations of a profitable second quarter, which would mark the first time in Tesla’s history that it would report four consecutive quarters of profit.
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