Why Tesla Stock Popped Today
What happened
Shares of the electric vehicle (EV) maker Tesla (NASDAQ: TSLA) were rising this morning after an analyst raised his price target for the company's stock.
Tesla's share price was up by as much as 2.6% this morning and had gained 0.7% as 12:06 p.m. ET.
So what
Deutsche Bank analyst Emmanuel Rosner raised his price target from $1,200 to $1,250 for Tesla's stock and maintained his buy rating for the EV maker.
Image source: Tesla.
The Fly reported that Rosner increased Tesla's price target after the company reported strong first-quarter results earlier this week, in which Tesla beat analysts' consensus top- and bottom-line estimates, despite a challenging operating environment.
Rosner added that even though Tesla is experiencing some manufacturing headwinds because of COVID-19-related shutdowns in Shanghai, he still believes the company will be able to deliver nearly 1.5 million vehicles this year.
Now what
Tesla investors have a lot to celebrate right now. The company reported earnings per share of $3.22 in the first quarter, compared to analysts' consensus estimate of $2.26. And the company's first-quarter sales of $18.8 billion easily outpaced Wall Street's expectation of $17.8 billion.
While the EV market continues to become more crowded with competition, Tesla's recent quarterly results helped prove that the company is nowhere near finished growing. And with its stock receiving a price target upgrade today, investors are sure to be even more optimistic about the company's future.
Find out why Tesla is one of the 10 best stocks to buy now
Our award-winning analyst team has spent more than a decade beating the market. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*
They just revealed their ten top stock picks for investors to buy right now. Tesla is on the list -- but there are nine others you may be overlooking.
Click here to get access to the full list!
*Stock Advisor returns as of April 7, 2022
Chris Neiger has no position in any of the stocks mentioned. The Motley Fool owns and recommends Tesla. The Motley Fool has a disclosure policy.
