Tesla Inc. shares touched a new all-time high on Monday, hitting that milestone for a third straight trading session.
It’s turning out to be a good day for the electric-vehicle maker, with research firm
Tesla jumped as much as 6.7% to a record high of $970.84 in New York, before paring gains to 4.4%, with the company’s market valuation around $955 billion.
Morgan Stanley’s Adam Jonas cited the company’s “extraordinary” sales growth as it overcame unprecedented industry supply shortages. Jonas said Tesla’s third-quarter sales surged by about 70%, according to his calculations, even as global automobile production fell by about a fifth. The company has claimed a place among the top manufacturers in terms of profit margins, Jonas said as he reiterated an overweight rating.
His new target of $1,200 is the joint second-highest among 46 analysts tracked by Bloomberg.
Tesla
Looking beyond the sales update, Tesla’s software business and technologies in areas like insurance and battery supply should allow it to become a “champion” of both autos and energy in the long-run, Jonas said.