Tesla is in a steady positive momentum as shares jumped above $900 on Wednesday, accounting for an 8% increase in one day. This is the most significant one-day jump of Tesla in the last two weeks.
The gigantic leap of stock prices for Tesla follows the positive note from Alexander Potter, an analyst at Piper Sandler, who raised his price target on Tesla shares to $928, from $729. Potter highlights the boom in Tesla’s solar power business as well as his own experience with that side of the market and the Model X, Tesla’s SUV.
“By combining eco-friendliness with blistering 0-60 times and 21st-century tech, Tesla has hot-wired human psychology and turned consumers into unwitting climate warriors,” the analyst said. Tesla’s next challenge “will entail making it cool to generate and store one’s own solar power.”
Furthermore, the jump is also driven by the positive accolade from a Wall Street research note on how the tech-based car company has turned consumers “into unwitting climate warriors.”
Tesla TSLA, +8.21% stock has tripled in the past 12 months and was trading above $900 on Wednesday. This is far higher than the 13% gains for the S&P 500 index SPX, +0.59% in the same period. In total, Tesla shares have grown 120% this year.
Yesterday, Tesla’s stocks skyrocketed as well after Bernstein analyst Toni Sacconaghi nearly doubled his price target, arguing that he can’t see any negative catalyst against the capital so far and in the coming weeks, that wasn’t especially expensive.