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Tesla hits record highs as major broker slaps US$328 target on its head

Monday, April 10, 2017 8:09
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(Before It's News)

Shares in Tesla Inc (NASDAQ:TSLA) surged to all-time highs on Monday morning after the electric car maker received its most bullish price forecast from a major Wall Street broker.

Piper Jaffray upgraded the stock to ‘overweight’ – the equivalent of ‘buy’ – from ‘neutral’ and increased its price target to US$368 from US$223.

According to FactSet, that’s the highest price target on Wall Street from one of the bigger brokers.

A smaller firm, Dougherty & Co, has had a US$500 price target on Tesla for more than six months now.

“We have driven a Tesla for seven months in preparation for this report, and after conducting investor meetings with the company last week, we’re finally ready to take a stand,” said analysts at Piper.

The analysts did warn that it will likely be a “bumpy ride” despite their confidence in their long-term destination.

“Even with all the risks, we think growth investors can’t afford to ignore this stock.”

They also stated that Tesla will begin Model 3 deliveries this year and not in the middle of next year as previously assumed.

Tesla shares are up 45% so far this year, and added 3% in the morning session on Monday to trade at US$312.

Story by ProactiveInvestors


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