Tesla's market value set to gain $50 billion on record EV deliveries
The stock jumped nearly 8% in pre-market trading and it was on track to hit its highest in over a month.
The company said on Friday it was encouraged by the strong reception of its Model Y crossover in China and it was quickly progressing to full production capacity.
Analysts remained hopeful as despite a global chip shortage that has slammed the entire auto sector, various supply chain issues and rising competition, Tesla still managed to produce roughly the same amount of vehicles in the first quarter as in the fourth quarter.
At least three brokerages raised their price targets on Tesla’s stock. Brokerage Wedbush was the most aggressive, increasing it by $50 to $1,000, much higher than the median price target of $712.50, as per Refinitiv data. Wedbush also raised its rating to “outperform” from “neutral”.
