Tesla Zooms to New Record on Wedbush Upgrade

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Tesla TSLA stock zoomed into new record territory on Monday after receiving yet another checkered flag from Wedbush Securities analyst Daniel Ives, who lifted his one-year price target to $1,900.

Citing what he sees as ongoing demand for Tesla cars in China, Ives said in a note to clients on Monday that while he is holding his neutral rating on the stock - which he has had in place since April 2019 when Tesla was trading at $275 a share - he still sees upside potential, especially ahead of the Tesla's upcoming "Battery Day" reveal.

Robust Model 3 demand out of China “… remains a linchpin of success and appears to be on a run rate to hit 150k unit deliveries in the first year out of the gates for Giga 3, which is driving some strength for Tesla as well as Model Y deliveries starting to ramp as well," Ives also said in his note.

Tesla is also prepping to begin producing its Model Y crossover at its Shanghai plant after ramping up output of its longer-range Model 3.

Tesla shares have more than tripled year to date, despite the impacts of Covid-19 on its factory operations and on global consumer demand for luxury vehicles. The company last week announced a 5-for-1 stock split, prompting investors to push its share price even higher.

Tesla stock ended the trading day Monday up 11.20% at $1,835.64, an all-time closing high. 

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