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Tesla Rockets Higher Again; Tops $700

Stock MarketsFeb 03, 2020 01:41PM ET
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© Reuters.

By Kim Khan

Investing.com - Tesla (NASDAQ:TSLA) shares continued their breathtaking run Monday, blowing past $700 per share and gaining more than $100 in the session.

Tesla stock jumped 16% in afternoon trading, getting as high as $769 per share earlier, showing the hallmarks of a short squeeze.

Another price target hike for the stock arrived from the sell side, with Argus boosting its forecast for shares to $808, near the highest on Wall Street. Argus maintained its buy rating on the stock.

"Our positive view assumes continued revenue growth from the legacy Model S and Model X, as well as strong demand for the new Model 3, which accounted for more than 80% of 4Q19 production,” Argus analyst Bill Selesky wrote in a note, according to StreetInsider.

“Despite past production delays, parts shortages, labor cost overruns, and other difficulties, we expect Tesla to benefit from its dominant position in the electric vehicle industry and to improve performance in 2020 and beyond," Selesky said.

But with the way shares are running the way they are, the new price target could be eclipsed by midweek.

Earlier, Chinese battery maker CATL confirmed it had signed a deal to supply the automaker. Tesla (NASDAQ:TSLA) has recently commissioned its new factory in Shanghai and had flagged last week that it had diversified battery suppliers beyond traditional partner Panasonic.

Those short Tesla must be wondering what has to happen to the stock to retreat. Even amid Friday’s broad and bloody selloff, shares ended in the green.

The overall consensus estimate for shares from analysts is still way off the pace at about $456, so expect more target hikes in the near term.

Tesla Rockets Higher Again; Tops $700
 

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Comments (8)
Noelle Milton Vega
NYCeyes Feb 03, 2020 4:40PM ET
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It's not enough. Tesla needs more U.S. food stamps.
DIDAC GOMEZ
DIDAC GOMEZ Feb 03, 2020 1:08PM ET
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Tesla will reach 1000$ with no problem before end 2nd quarter
Wojciech Cies
Wojciech Cies Feb 03, 2020 1:07PM ET
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In the long run this stock will shine. Nevertheless there are risks that can cause serious correction (regulatory problems for self driving in Europe which may try to protect their car makers until they catch up. Wishing Elon and all bulls GL :) Anybody who entered below 300 will get rich on this
Beant Singh
Beant Singh Feb 03, 2020 12:57PM ET
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Coronavirus will *******the stock. Wait for few days
Faisal Turkistani
Faisal Turkistani Feb 03, 2020 12:48PM ET
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Corrupted company
MarLo Abdul
MarLo Abdul Feb 03, 2020 12:18PM ET
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do u guys think it'll continue to be bullish an break $800 today?
Gary Smith
Gary Smith Feb 03, 2020 11:47AM ET
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Incredible to watch.
Crypto Bank
Crypto Bank Feb 03, 2020 11:21AM ET
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bubble.
YungJun Kim
YungJun Kim Feb 03, 2020 11:21AM ET
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Yes, but you think market cap on apple is 1.3 trillon and cap on tesla is 0.13 trillon.
Bill Bob
Bill Bob Feb 03, 2020 11:21AM ET
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It's an bubble stock I would never touch it even with a long pole stick.
Gamer Turtle
GamerTurtle Feb 03, 2020 11:21AM ET
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I could say the same about your current holding. after all valuation in the stock market has never been a straight forward calculation.
Warren Bishop
Warren Bishop Feb 03, 2020 11:21AM ET
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in retrospect this whole market bubble will be labeled the Tesla bubble
 
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