Tesla stocks surged by almost 8 per cent on Monday, which could see its market value increase by $50 billion, after the electric vehicle company published its quarter one sales.
Tesla said that it produced more than 180,000 vehicles and delivered nearly 185,000 vehicles in the time period.
A number of brokerages increased their price targets on Tesla’s stock, according to a report by Reuters.
The news agency said that Brokerage Wedbush saw the highest rise, increasing targets from $50 to $1,000. This is a lot higher than the median price target of $712.50, according to Refinitiv data.
“Tesla is executing impeccably. I am not surprised by the strong deliveries,” Roth Capital Partners analyst Craig Irwin told Reuters, but said that the stock is “egregiously overvalued.”
He added: “EVs are an exciting place to be, and Tesla is the leader.”
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