Tesla Inc., shares surged past $1,000 for the first time ever on Wednesday as ramping demand for the company’s Model 3 in China led Wedbush analysts to tout the “massive”’ market opportunity and its ongoing battery efforts.
Analyst Daniel Ives called the demand out of China “a ray of shining light for Tesla in a dark global macro” setting, with the company appearing to be on track to reach 100,000 deliveries from its local plant in the first year. Ives maintained his neutral rating but boosted his price target to $1,000 from $800 and said his new bull case implies shares could be worth $1,500 from $1,350 previously.
Shares of the Palo Alto, California-based electric-vehicle maker rallied as much as 6.8% Wednesday to touch a record $1,005. The shares have nearly quintupled in the past year as its market valued ballooned to $185 billion.
Tesla Shares in Electric Surge Past $1,000
