Tesla Inc. Shares TSLA,
premarket prices fell 2.7% on Wednesday, allowing them to hit a five-day winning streak, even as Deutsche Bank analyst Emmanuel Rosner raised his price target by 33%. Shares in the electric vehicle and battery maker are up 36.2% in the past five days, reflecting a 71.1% fall in the bear market by 34% from a record September 1 close of $ 498.32 to a September 8 close of $ 331.21. Rosner raised his target price for the stock to $ 400 from $ 300, but reaffirmed his holding rating as his new target is still 11.1% below Tuesday’s closing price of $ 449.76. Rosner said Tesla could unveil “a new outsourced manufacturing system” for increased battery capacity, improved cell chemistry, significantly boosting performance and “rapidly dropping” battery costs during the highly anticipated September 22 Battery Day. Investor expectations for this event are high, and we believe these announcements could satisfy many of them and strengthen Tesla’s position as a technology leader, ”Rosner wrote in a note to customers. “We believe the ongoing investor enthusiasm for EVs and the expected confirmation that Tesla continues to lead the way in technology can continue to support its strong appreciation.” Tesla shares soared 437.6% from the beginning of the year to Tuesday, while the S&P 500 SPX.
added 5.3%.
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