Tesla stock approaches $900 in its longest-ever winning streak, as another analyst leaves bear camp
Tesla Inc. stock approached $900 on its way to another record close on Friday, stretching its winning run to an unprecedented 11th trading day.
Tesla TSLA,
The stock boost also pushed Tesla’s market capitalization to $824 billion, thus making Tesla the fifth largest U.S. company by market cap. Tesla’s market valuation surpassed Facebook Inc.’s FB,
Earlier Friday, analysts at Evercore ISI upgraded their rating on the stock to the equivalent of hold, from sell, saying that they have been “on the considerably wrong side of (Tesla) for over a year now,” they said in a note.
Their neutral stance now matches the ratings of 15 out of the 37 analysts covering Tesla and surveyed by FactSet. Of these, 12 have a buy rating on the stock and 10 have a sell rating.
For five years, “we have viewed (Tesla) as a ‘growth + premium auto,’” an “attractive” premium EV maker company that “would grow for a very long time & would sell x numbers of vehicles in x eventual outyear….but was still an auto company,” they said.
Related: Tesla and other EV makers report record sales, sending stocks to new highs
“In reality (hindsight & rationalization, never predicted), we believe tech/retail investors see (Tesla) as two separate tech companies,” one that is a market leader in electric vehicles and another offering driverless-car technology, solar-power stationary storage, battery and powertrain technologies and others.
Moreover, Tesla is “in the best position” to capitalize from any upside from climate initiatives from the new Biden administration and a “blue” Senate, the Evercore ISI analysts said.
Stocks of several clean-energy and related companies also rallied on Friday, with American depositary receipts of China-based electric-vehicle maker Nio Inc. NIO,
Shares of Tesla have gained 796% in the past 12 months, compared with gains around 17% for the S&P 500 index. SPX,
