The research firm boosted its price target to $928 per share from $729 on Tuesday, praising"the superiority of Tesla's products" and its ability to turn customers"into unwitting climate warriors." The company's ability to combine flashy technology, blistering acceleration, and eco-friendliness has paid off, analysts Alexander Potter and Winnie Dong said.
Tesla shares jumped on the upgrade, surging as much as 8% Wednesday morning. The stock is already up roughly 107% year-to-date, and is nearing its intraday record high of $969 after a brief slump in early February. It's"easy to forget" that Tesla's battery and solar panel segment accounted for only 6% of sales in 2019, Potter and Dong wrote, but investors should monitor the segment for signs of future success. Tesla management expects the energy generation and storage business to rival its automotive segment in the future, suggesting there's plenty of room to run for the smaller product line.