Another day, another reason to talk about Tesla?
The stock continues to defy gravity Wednesday, after a strong close Tuesday saw Tesla rally to $1,891.86, making Tesla CEO Elon Musk the fourth richest man in the world, though still trailing Jeff Bezos, Bill Gates and Mark Zuckerberg. Musk’s ownership of Tesla stock saw a roughly $7.8 billion increase to Musk’s net worth, now at $84.8 billion.
Tesla stock has increased more than 340% year-over-year. In addition to strong investor sentiment around Tesla’s planned 5-for-1 stock split, the company has received a series of analyst upgrades that have helped to bolster the stock higher.
Most recently, Wedbush Securities analyst Daniel Ives raised his one-year price target on the electric car and battery maker, citing what he sees as ongoing demand for Tesla cars in China. Ives noted that the Model 3 remains Tesla’s “linchpin of success.”
Outlining the bull case for Tesla to Northwestern graduate students, Tesla Daily’s Rob Maurer also noted the importance of the Model 3 and said the reason to be bullish is very simple. “Transportation in general is going to electric vehicles and autonomous,” Maurer said.
Though Jim Cramer hasn’t always been a fan, he hasn’t been quiet about his enthusiasm for the stock in past few years.
However, he does wish the stock's recent run would slow down a little bit, though he will be the first to say, "you can't give stocks speeding tickets."
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