Tesla Inc rose 5% on Monday after the electric vehicle maker announced record quarterly shipments amid strong demand in China, helping offset the impact of a global auto parts shortage.
The company, led by Elon Musk, said Friday that it has been encouraged by the positive reception of its Model Y crossover in China and that it is rapidly reaching full production capacity.
According to Refinitiv, Tesla said it delivered 184,800 vehicles worldwide in the first quarter of 2021, surpassing the estimate of 177,822 vehicles.
“Tesla works flawlessly. I’m not surprised by the high supply, “said Roth Capital Partners analyst Craig Irwin, even adding that the stock is” clearly overvalued. “
“Electric cars are an exciting place and Tesla is the leader.”
At least three brokerages have raised their target prices for Tesla shares. Wedbush was the most aggressive, increasing it by $ 50 to $ 1,000, well above the analysts’ average price target of $ 712.50, according to Refinitiv. Wedbush also upgraded its rating from Neutral to Better.
Tesla last traded at $ 695. Stocks are down about 1% in 2021, but they are still up more than 600% in the past 12 months.
Tesla’s market capitalization of $ 668 billion makes Tesla the most valuable carmaker to date, despite making only a small fraction of competitors such as Toyota Motor Corp, Volkswagen AG, and General Motors Co.
Tesla managed to produce roughly the same number of cars in the first quarter as it did in the fourth quarter, even as automakers were hampered by a global semiconductor shortage.
“Great job of the Tesla team!” Musk tweeted on Monday. “Special mention of Tesla China.”
“The EV sector looks poised to resume growth given the growing demand for EVs in China, Europe and the US,” said Jesse Cohen, senior analyst at Investing.com. “Tesla’s delivery numbers could be the spark needed to kickstart the next rally.”
This story was published from the news agency tape without text changes. Only the title has changed.
Crude Oil May 21 
