Shares briefly hit a high of $116.20 in early trading before sliding back to $115.40.
Jefferies analyst Elaine Kwei raised her estimates on the stock based on higher-than-expected Model S deliveries.
"We believe there is likely upside to prior 2Q guidance for deliveries of 4,500 units, as well as 2013 guidance of 21,000 units," she said in a report.Kwei generously boosted the price target to $130 from the previous $70, based on a 10-year discounted cash flow. She estimated that the innovative automobile company has consumed about 9% of the market share in the U.S. full-sized luxury sedan market. The leap will add to Tesla's impressive run this year, as the stock has risen just over 240% year to date. Kwei maintained a "buy" rating on the stock of the Palo Alto, Calif-based company, which will release earnings on July 22. --Written by David Webster in New York >Contact by Email. Follow @thedavidwebster
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV