Less than a week after making an all-time high on the back of strong first quarter delivery numbers, Tesla Inc (NASDAQ:TSLA) is trending again. This time, shares of Elon Musk’s company are blasting higher in the pre-market due to analyst Alexander Potter of Piper Jaffray upgrading the stock to ‘Overweight’ from ‘Neutral’ and ratcheting up his target price to $368 from $223. Potter is bullish because he believes investors with a focus on growth “can’t afford to ignore this stock” given that Tesla’s vehicles/energy solutions captivate both investors and consumers alike. That difficult-to-capture experience is hard to duplicate and gives Tesla an advantage versus its peers. The analyst also believes Model 3 deliveries will begin this year after having met with management and test driving Tesla’s products for several months. Shares are up 41% year-to-date. The analyst does acknowledge that shares could be volatile, however.
What Does The Smart Money Sentiment Say?
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According to our data, 38 elite funds had a bullish position in Tesla Inc (NASDAQ:TSLA) at the end of December, up 4 funds from the previous quarter. Those numbers are out of the 742 elite funds that we track, however.
The Bottom Line
Tesla Inc (NASDAQ:TSLA) shares have rallied higher in the pre-market due to yet another Wall Street upgrade. For more reading, check out ‘8 Countries That Produce The Most Hydroelectric Power In the World‘.