Tesla Inc. (TSLA) shares jumped Friday after analysts at Jefferies boosted their rating on the stock and boosted their price target as the clean energy carmaker continues to put the turmoil surrounding Elon Musk's "take private" Tweet behind it.
Jefferies analyst Philippe Houchois lifted his rating on Tesla to "buy" from "hold" and put a $450 price target on the Palo Alto, Calif.-based carmaker based on "a structurally lower capex profile and improved balance sheet risk". Earlier this week, Bloomberg reported that holders of Tesla's convertible bonds, which mature in March, will be paid with a 50-50 mix of cash and stock, suggesting the group's free-cash flow generation is improving and its profitability may follow.
Tesla shares rose 3.1% to $374.35 in midday trading on Friday.
Last night, the company also said it hired Dane Butswinkas from law firm Williams & Connolly as general counsel, replacing Todd Maron and adding to a long list of senior management departures at the electric vehicle maker.