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Tesla Stock Soars 14% After Record Profits, Analysts Including Wedbush Raise Price Targets to $310

Oct 24, 2024, 12:40 PM

Tesla Inc. ($TSLA) has seen a significant increase in its stock price, rising 14% in pre-market trading following the release of its quarterly earnings report. The company reported record profits, which exceeded analysts' expectations, leading several financial firms to raise their price targets. Canaccord Genuity increased its price target to $278 from $254, KGI Securities upgraded Tesla to 'Outperform' with a price target of $276, Piper Sandler raised its target to $310, RBC Capital raised its target to $249 from $236, and Wedbush also raised its target. The positive performance was attributed to strong margins and accelerating revenue and earnings growth.