Tesla shares surged 6.5% to $704.4 in premarket trading.
Tesla delivered more than expected in the first quarter, and several investment banks raised their target prices.
Tesla announced that it shipped 184,800 electric vehicles in 1Q, which exceeded the previous record of 180,570 units achieved in the fourth quarter of 2020. Moreover, 1Q vehicle shipments came in well above analysts’ expectations of 177,822 units.
Following the quarterly production and delivery numbers, Wedbush analyst Daniel Ives upgraded the stock to Buy from Hold and raised the price target to $1,000 (51.1% upside potential) from $950.
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