Tesla shares surge 13% as strong deliveries drive profit optimism

6 Jul by Vitaliy Dadalyan

Tesla shares surge 13% as strong deliveries drive profit optimism

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Tesla shares surge 13% as strong deliveries drive profit optimismThe day’s jump increased Tesla’s stock market value by $30 billion (24 billion pounds), eclipsing the entire value of Ford Motor Co , currently at $25 billion. JMP Securities increased its price target to $1,500 from $1,050 after Tesla on Thursday reported higher-than-expected second-quarter vehicle deliveries, defying plummeting sales in the wider auto industry as the coronavirus pandemic slammed the global economy. “We believe that the question to be considered is not whether the stock is expensive on current valuation measures, but what the company’s growth and competitive position signal about the stock’s potential for the next several years,” JMP Securities analyst Joseph Osha wrote in a client note.