Tesla Inc. rose for an 11th day Friday, its longest winning streak, after Evercore ISI removed a sell rating on the stock for the first time in a year.
Shares rose as much as 6.4% to a fresh record after analyst Chris McNally upgraded the stock to the equivalent of a hold saying in a note to clients that “whether we call it valuation confusion or valuation rotation, we have been on the considerably wrong side of Tesla for over a year now.” That came a day after RBC Capital Markets’ Joseph Spak said he got the stock “completely wrong.”
McNally raised his price target on Tesla to $650 from $225, which is still well below the $860 range it hit on Friday.
The electric-vehicle maker’s stock has been on a relentless surge over the past year, recording an incredible 743% gain in 2020 and a further 23% in the first few trading days of the new year. Its market valuation, now standing at $819 billion, only lags a handful of technology behemoths on the S&P 500 Index — Apple Inc., Microsoft Corp., Amazon.com Inc. and Google parent Alphabet Inc.
Shares of other electric-vehicle companies also jumped Friday, as investor sentiment received a boost after Hyundai said it has beencontacted by a number potential partners for the development of autonomous EVs.
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