When you think about Tesla Motors Inc (NASDAQ:TSLA) stock, what comes to mind? Day in and day out, we follow this stock as a means of bringing you the latest and great updates. For example, this piece has been one of our most popular.
Yesterday was a good day for Tesla stock as it surged to a new record high thanks to Elaine Kwei, an analyst for Jefferies Group, and her increased price target.
For more on this story, we don’t have to look any further than Automotive News. Here is what the piece had to say:
“Tesla shares increased 9.2 percent, or $9.82, to close at a record $117.18 in Nasdaq trading today after reaching a high of $117.77 a share earlier in the day. Shares of the Palo Alto, Calif.-based company more that tripled this year through June 28, compared with a 13 percent rise for the Russell 1000 Index.”
As you can see, the pace continues to pick up for Tesla Motors Inc (NASDAQ:TSLA). Shares have now tripled during 2013, and it doesn’t appear that there is any slowdown in the growth in the near future.
Elaine Kwei made the news when she increased her price target from $70 to $130. Along with this, she increased her 2013 estimate for 21,500 Model S sedans production from 19,800 to 21,500.
Here is what Kwei had to say:
“Despite the massive run in the stock, we believe TSLA is one of the best growth stories in the market today and still has upside.”
While some people may disagree with Kwei and her assessment of Tesla Motors Inc (NASDAQ:TSLA)’s upside, it is safe to say that things continue to look up for the electric car maker.
Despite the fact that Tesla has run into tough times as of late as it continues to battle dealers on a state level, its stock continues to surge. This can be attributed in part to the fact that the company repaid its loan to the U.S. Energy Department while also reporting its first profit.
It is possible that Tesla Motors Inc (NASDAQ:TSLA) will continue its meteoric rise? Can the stock sustain this growth? Nobody knows what the future holds, but 2013 has been a good one for the company so far. We will continue to watch the stock carefully and bring you updates on a regular basis.