Ng Han Guan, File/AP Images
- Tesla has surged 28% year-to-date through Tuesday's close.
- Three analysts have raised target prices for Tesla this week. One is a new Wall Street high for the automaker.
- Here's what three analysts said about Tesla, and why they're raising price targets.
- Watch Tesla trade live on Markets Insider.
Tesla has started 2020 on an upswing, and now Wall Street analysts are anticipating that the stock will rocket even higher.
So far, the Elon Musk-led automaker has gained 28% this year through Tuesday's close, where it ended the day at a fresh all time high of $537.92 per share.
Those gains have been driven by strong vehicle delivery numbers for 2019, which exceeded the low end of the automaker's guidance. In addition, the stock has surged on increased optimism around the new Gigafactory in China as it ramps up.
So far, Tesla's surging stock price has broken at least two records - it's now the highest-valued US automaker of all time, and has a market value worth more than Ford and GM combined. In addition, if the stock price continues to climb and reaches $100 billion, it will put CEO Elon Musk closer than ever to a $346 million payday per his compensation package with Tesla.
Wall Street analysts have taken note of Tesla's strong performance, since it rebounded in October with a surprise return to profitability for the third quarter. In the last few weeks, there have been a slew of price-target updates to keep up with the stock as it continues to climb.
This week alone, three analysts have updated their price targets for Tesla, now estimating that it could surge as much as 14% this year. Here's what the analysts said about Tesla, and why they've updated their price targets:
