Tesla Shares Hit All-Time High, Nearing $1 Trillion Market Cap
Shares of Tesla reached a new all-time high on Monday morning, reaching $972 per share. The company’s market cap neared a $1 trillion market cap, and currently stands at $973 billion as of writing.
Earlier on Monday, news of Hertz’s order of 100,000 Tesla vehicles for its rental fleet boosted Tesla, along with Morgan Stanley’s price target boost of the company’s stock price to $1,200, a 33% increase.
According to Morgan Stanley’s Adam Jonas, he has maintained a “buy” rating on Tesla in his research note released on October 23, 2021. Other analysts bullish on Tesla include the following analysts with price targets over $1,000 per share:
- Wedbush (Daniel Ives): $1,100
- BoA Securities (John Murphy): $1,000
- Oppenheimer (Colin Rusch): $1,080
- Canaccord Genuity (Jonathan Dorsheimer): $1,040
- Deutsche Bank (Emmanuel Rosner): $1,000
- Piper Sandler (Alexander Potter): $1,200
Tesla surprised Wall Street with a record third quarter, delivering over 241,000 vehicles amidst a global semiconductor shortage and supply chain parts shortage, and gross margins nearing 30%.