Tesla Motors Inc. shares soared to a new high on July 1, 2013, after an analyst almost doubled her price target for electric car maker and raised estimates of its 2013 deliveries. The carmaker’s shares jumped 9.2 percent, or $9.82, to close at a record $117.18 in NASDAQ trading on July 1, 2013, after making a high of $117.77 per share earlier in the day.
Tesla’s shares more than tripled this year through June 28, 2013, compared with a 13-percent jump for the Russell 1000 Index. The hike in Tesla’s shares came after Elaine Kwei, an analyst for Jefferies Group, raised her price target on the Palo Alto, Calif.-based company from $70 to $130 and increased her estimate of 2013 Tesla output from 19,800 Model S sedans to 21,500.
Kwei also raised her expectations for Tesla's production in the second quarter of 2013 from 4,500 to 5,000. Kwei wrote that despite the “massive run in the stock,” they believe that TSLA – Tesla’s ticker symbol -- is one of the “best growth stories in the market today and still has upside.”
She cited higher Model S sales and better profit margins as among "potential positive catalysts." Tesla's shares have jumped this year after the carmaker posted its first profit and after it repaid a $465-million federal loan nine years ahead of original payment schedule.