Following Tesla's best day on the market since 2013, the stock rose almost 3% on Friday, putting it on pace for its highest close since September of last year.
The two-day pop comes after the company reported better-than-expected earnings and CEO Elon Musk offered an optimistic projection for 2025.stock on Friday headed for its highest close in more than a year as investors and analysts continued to applaud the electric vehicle company'sTesla shares rose 2.8% on Friday morning to $267.79, putting the stock on pace for its highest finish since September 2023.
Analysts at Piper Sandler were the latest to bolster their price target following Wednesday's earnings report. The firm, which already had a buy rating on the stock, said it was increasing its 12-month price stock prediction to $315 from $310"to reflect higher deliveries and higher margins."on Thursday, their second-best performance since the company's IPO in 2010. That came after Tesla reported revenue of $25.18 billion, which just missed analysts' expectations of $25.
Tesla's profit margins were boosted by $739 million in revenue for environmental regulatory credits, which JPMorgan Chases analysts noted in a report were a"potentially unsustainable driver" of earnings and cash flow. Results were also boosted by $326 million in revenue from FSD, the company's Full Self-Driving Supervised system.
Musk also said on the call that Tesla plans to start production of its recently unveiled Cybercab, a robotaxi with butterfly doors and no steering wheel or pedals, by the end of 2026. He said Tesla would conduct driverless ride-hailing in California and Texas next year in its existing cars, which are not currently safe to use without a human driver ready to steer or brake at any time.Feeling out of the loop? We'll catch you up on the Chicago news you need to know.