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Home » Technology » Tesla stocks rose 19.9%, hitting biggest one-day gain since May 2013 at $786.14

Tesla stocks rose 19.9%, hitting biggest one-day gain since May 2013 at $786.14

Enzo Mayor by Enzo Mayor
February 4, 2020
in Technology
1 min read
29
0
Tesla's stocks rose more than 19% on Monday.

Tesla's stocks rose more than 19% on Monday. Photo: Automobile Italia | Flickr | CC BY 2.0

Stocks of Elon Musk’s tech and automotive company, Tesla, soared more than 19% on Monday after Argus Research analysts raised its price target from $556 to $808. The spike in Tesla’s stock prices is the biggest one-day gain for the company since May 2013.

The research firm attributes the rise in price target to Tesla’s strong fourth-quarter financial report, which exceeded Wall Street’s expectations last week. Furthermore, Argus Research also raised its earnings per share estimate to $8.01 from $5.96 and expects that to double by 2021.

“Our positive view assumes continued revenue growth from the legacy Model S and Model X, as well as strong demand for the new Model 3, which accounted for more than 80% of 4Q19 production,” according to the research note.

“Despite past production delays, parts shortages, labor cost overruns, and other difficulties, we expect Tesla to benefit from its dominant position in the electric vehicle industry and to improve performance in 2020 and beyond,” it added.

After the opening bell on Monday, Tesla’s stocks are trading $717 and eventually hit an all-time high of $786.14. The stock is up more than 85% year to date, pushing the company’s market cap to stand at just over $140 billion.

Enzo Mayor

Enzo Mayor

I'm a management degree holder, currently working for a family business. I find myself always indulging on new interests -- from fitness, coffee, writing, travel, and marketing. But by the end of the day, I'm just a guy in a perpetual pursuit to find his balance.

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