Tesla Stock Hits New High, Shares Approach $180

Tesla Stock Hits New High, Shares Approach $180

Tesla shares continue to climb, rising seven percent yesterday to hit an all-time high for the American electric automaker.

The rise in stock value came after analysts at Deutsche Bank raised its price target for the stock from $160 to $200. The analysts expect Tesla to “modestly outperform” expectations for the third quarter as the American automaker’s production appears to be increasing. Demand for the Tesla Model S also seems to be on the rise in the U.S. and Europe.

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This year alone, Tesla’s shares have soared more than 400 percent with the company posting its first-ever quarterly profit in May 2013. Recently, CEO Elon Musk began recruiting engineers on Twitter alluding to the fact that Tesla is investing into autonomous vehicle technologies.

[Source: CNN Money]

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