Tesla Stock Hits Record High

Tesla Stock Hits Record High

Share prices for Tesla Motors hit an all-time high on July 1 of this year after an analyst raised her price target on Tesla, as well boosted her estimate on Model S production. 

Share value increased 9.2 percent, or $9.82, and closed at $117.18 in Nasdaq trading, after reaching a record high of $117.77 earlier in the day. Previously, the company’s record-high stock value was $114.90.

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The boost comes courtesy of Elaine Kwei, an analyst for Jefferies Group, who raised her price target and production estimates for Tesla. “Despite the massive run in the stock, we believe TSLA is one of the best growth stories in the market today and still has upside,” Kwei wrote, referring to Tesla’s ticker symbol.

Tesla recently reported its first profit, as well paid off a loan to the department of energy nine years early. These two factors have been instrumental in helping the company boost its share price.

[Source: Automotive News]

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