Tesla shares reached a record high after a Jefferies Group analyst increased estimated for the automaker’s 2013 deliveries and almost doubled her price target for the company.
Tesla increased 9.1% to $117.18 in New York, the highest closing price until now, and so far this year the company’s shares more than tripled. The analyst for Jefferies, Elaine Kwei, increased her price target from $70 to $130 and estimated that Tesla will manufacture by the end of the year 21,500 Model S sedans, from 19,800 units.
“Despite the massive run in the stock, we believe TSLA is one of the best growth stories in the market today and still has upside,” Kwei wrote, referring to Tesla’s ticker symbol. The analyst cited higher Model S sales and better profit margins as among “potential positive catalysts.”
At the end of May Tesla increased 6.4% to $103.30, surpassing $100 for the first time. The automaker also managed to repay the loan offered by the Energy Department in 2009, becoming the first automaker to fully repay its US loan. Tesla has become the most expensive automaker in the world, after it managed to repay the US loan.