Tesla stock ended at $909.68 Friday, a record close. The stock’s incredible run continues.
Tesla stock hit a new all-time high in Friday trading, and closed at a record. The stock’s recent run has been incredible. How high can it go?
Shares of the electric-vehicle giant have been boosted by strong deliveries and earnings. Shares also got a boost Friday from a credit upgrade at S&P. Tesla debt is now BB+ rated, one notch below investment grade.
Tesla stock’s new 52-week intraday high is $910 on the nose. The old high-water mark of $900.40 was set on Jan. 25, according to Dow Jones Market Data. On Thursday, Tesla closed at a record for the first time since Jan. 26.
Shares are up about 40% over the past three months, pushing the market cap to roughly $910 billion. (Tesla has about 1 billion shares outstanding, making the math easy.)
Bulls, naturally, see more gains ahead. Wedbush analyst Dan Ives raised his bull-case Tesla stock price target to $1,500 from $1,300 after the company reported better-than-expected earnings on Wednesday.
“Tesla is rising because earnings revisions are soaring,” points out Gary Black, managing partner of the Future Fund Active exchange-traded fund. Analyst estimates for Tesla’s 2022 earnings have risen to about $8 a share from $6 over the past few weeks. “Rising estimates drove Tesla to the moon in 2020. They will drive Tesla to…