Tesla Tops $900 in Parabolic Surge, Spurring Analyst Downgrade
Tesla surged as much as 16% in pre-market trading, briefly topping $900 per share.
(Bloomberg) -- Tesla Inc.’s parabolic surge above $900 a share on Tuesday drew New Street Research analysts to downgrade the stock to neutral from buy in the midst of a 2020 rally.
The group of analysts led by Pierre Ferragu think the stock is “still attractively valued for the long run” with shares priced in the middle of the range for the group’s 2025 expectations. New Street highlighted “limited sources of further” stock appreciation over the next year as the driver for the downgrade.
Tesla surged as much as 16% in pre-market trading, briefly topping $900 per share, and setting the stock up for a second record-setting day. On Monday, shares added 20% pushing their year-to-date gain to 86% through the close.
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