Shares of Tesla Inc. (TSLA) rallied 3.1% in premarket trading, but pared overnight gains, while a host of Wall Street analysts raised their stock price targets in response blow out second-quarter results ( ). The stock had jumped as much as 7.7% in the minutes after the electric car maker released its results late Wednesday. No less than 14 of the 32 analysts surveyed by FactSet have lifted price targets. The average target has increased to $1,152.10 from $751.48 at the end of June, but the target was still 28% below Wednesday's closing price of $1,592.33. Wedbush analyst Dan Ives kept his rating at neutral but boosted his price target to $1,800 from $1,250, saying Chief Executive Elon Musk "hit a home run." J.P. Morgan's Ryan Brinkman raised his price target to $325, which was 80% below Wednesday's close, from $295 while reiterating his underweight rating, saying the earnings beat was driven by higher regulatory credit sales and that the stock is "significantly overvalued." Oppenheimer's Colin Rusch kept his outperform rating and more than doubled his price target to $2,209 from $968, saying Tesla demonstrated that it was "better, faster and cheaper" than its competitors. The stock has rocketed nearly fourfold (up 281%) year to date through Wednesday, while the S&P 500 has edged up 1.4%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
July 23, 2020 18:45 ET (22:45 GMT)
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