Investing.com – Shares of Tesla (NASDAQ:TSLA) set a new-all-time intraday high on Monday, after Wall Street research firm Piper Jaffray upgraded the stock from neutral to overweight.
Shares of Tesla rose to an intraday record high of $313.73 and remained on track to close at a record high on Monday, after Piper raised its price target on Tesla's stock by 65% to $369 from $223 amid expectations that Model 3 deliveries would begin this year.
Analyst Alexander Potter said he is convinced that Tesla will begin Model 3 deliveries this year and not mid-2018 as previously assumed but also warned that investors would need to “employ a creative valuation methodology and prepare for a bumpy ride”.
Tesla’s Model 3 Sedan, which is expected to be priced at around $35,000, represents a significant opportunity to carve out a larger share of the automotive market, as its cars have traditionally served the luxury niche of the market.
Last week, Tesla overtook Ford as the second most valuable carmaker, as investors poured in the stock, after the electric carmaker said it had deliver delivered 25,418 cars in the first quarter of 2017, a record for the company.
At the current time of writing, shares of Tesla traded nearly 3% higher at $311.59.