Tesla Inc.’s stock approached $ 900 on its way to another record close on Friday, extending its winning streak to an unprecedented 11th trading day.
Tesla TSLA,
shares rose up to 7.3% to reach an intraday high of $ 875.38. The stock rose 36% over the 11 earnings sessions, the longest winning streak on record.
The increase in shares also pushed Tesla’s market capitalization to $ 824 billion, making Tesla the fifth largest US company in market capitalization. Tesla’s market valuation surpassed Facebook Inc.’s FB,
On thursday. Tesla added more than $ 105 billion in market capitalization this week alone.
On Friday, Evercore ISI analysts raised their stock rating to the equivalent of holding, selling, saying they have been “on Tesla’s considerably wrong side for more than a year,” they said in a note.
His neutral stance now corresponds to the assessments of 15 of the 37 analysts covering Tesla and surveyed by FactSet. Of these, 12 have a buy rating for the stock and 10 have a sell rating.
For five years, “we have seen (Tesla) as a ‘growth + premium car'”, an “attractive” premium EV manufacturer that “would grow for a long time and sell x number of vehicles in x future year …. but it was still an auto company, ”they said.
Related: Tesla and other EV manufacturers report record sales, pushing inventories to new highs
“In reality (retrospective and rationalization, never foreseen), we believe that technology / retail investors see (Tesla) as two separate technology companies,” one that is the market leader in electric vehicles and the other offering driverless car technology, stationary solar energy storage, battery and powertrain and other technologies.
In addition, Tesla is “in the best position” to capitalize on any positive side of the new Biden administration’s climate initiatives and a “blue” Senate, Evercore ISI analysts said.
Shares in several clean energy and related companies also rebounded on Friday, with American deposit receipts from electric vehicle manufacturer Nio Inc. NIO, based in China
and shares of the alternative energy company Bloom Energy Corp. BE,
among the biggest winners.
Tesla shares have gained 796% in the last 12 months, compared to gains of around 17% for the S&P 500 index. SPX,
Tesla was added to the benchmark index last month. Sha