Tesla shares continue to rise, hit all-time high
Tesla shares rise to all-time high as Jefferies analyst says deliveries will beat estimates
NEW YORK (AP) -- Shares of Tesla Motors Inc. rose to their highest price ever Monday on optimism that the electric car company's deliveries for the second-quarter and full year will be higher than expected.
THE SPARK: Jefferies analyst Elaine Kwei backed her "Buy" rating and boosted her price target for the stock by $60, to $130, saying she thinks it's likely that Tesla's deliveries will beat the company's own guidance.
THE BIG PICTURE: The Palo Alto, Calif., company has said it expects to deliver 4,500 vehicles for the second quarter and 21,000 units this year.
Over the past several months, Tesla shares have gotten a boost from improving Model S sales. Since the first of the year, the stock has more than tripled.
THE ANALYSIS: Kwei said that based on projections from industry observers she now thinks Tesla will deliver 5,000 cars in the second quarter, up from her previous estimate of 4,500. She also boosted her 2013 delivery projection to 21,500 units from 19,800.
"Despite the massive run in the stock, we believe Tesla is one of the best growth stories in the market today and still has upside," Kwei wrote in a note to investors, pointing to continued growth in deliveries.
THE SHARES: Up $7.30, or 6.8 percent, to $114.66. They peaked at $116.20 earlier in the day, an all-time high.
