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Tesla Inc (TSLA) Trending After Piper Upgrades

Less than a week after making an all-time high on the back of strong first quarter delivery numbers, Tesla Inc (NASDAQ:TSLAis 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?

At Insider Monkey, we’ve developed an investment strategy that has delivered market-beating returns over the past 12 months. Our strategy identifies the 100 best-performing funds of the previous quarter from among the collection of 700+ successful funds that we track in our database, which we accomplish using our returns methodology. We then study the portfolios of those 100 funds using the latest 13F data to uncover the 30 most popular mid-cap stocks (market caps of between $1 billion and $10 billion) among them to hold until the next filing period. This strategy delivered 39.7% gains over the past 12 months and outperformed the 24.1% gain enjoyed by the S&P 500 ETFs. Our enhanced small-cap hedge fund strategy returned more than 45% over the last 12 months and outperformed SPY by more than 30 percentage points over the last 4.5 years (see details here).

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‘.

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