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Stocks  | June 23, 2020

Tesla grabbed the spotlight last week after breaking the $1,000 barrier per share for the first time. On Wednesday, Tesla stocks soared to an all-time high of $1,026 and closed at a 9% increase at $1,024. It is trading at $990 as of writing. The spike seems to urge traders to go bullish. But will the price maintain momentum?

CEO Elon Musk expressed his intention to "go all out" on the volume production of Tesla Semi, the company's big-rig commercial truck, stimulating more investors. The Chinese government's approval on mass-producing Tesla's Model 3 with lithium-ion phosphate batteries is another contributing factor to the surge.

As climate change awareness is growing, investors are eyeing greener industries such as Tesla, which is dominating the electric vehicle (EV) market. Tesla is leaning toward clean energy generation and zero-emission.


Tesla stocks (NASDAQ:TSLA) fought well against the distresses of the coronavirus pandemic. TSLA.US jumped 129% in less than 6 months despite the momentary closure of Tesla's main factory in California for more than 1 month early this year. The company's market cap climbed to $190 billion. It is closing in on Toyota's market value at $216 billion.

Ron Baron, a renowned billionaire mutual fund manager, is an early Tesla investor and believes that Tesla will generate $1 trillion in revenue in 10 years. His investment has gained four times and he expects it to double or triple in 5 years. Wedbush Securities analyst Dan Ives lifted his bull-case price target from $1,350 to $1,500, basing this from Tesla's swift rollout and rising demand in China. He added that Shanghai's Gigafactory can make 100,000 deliveries in its first year.

On the other note, Morgan Stanley and Goldman Sachs downgraded Tesla on June 11. Morgan Stanley Adam Jonas lowered Tesla from "equal-weight" to "underweight" saying that the recent price spike of Tesla stocks above $1,000 does not reflect emergent risks. He cited that the company's price cuts imply weak demand and that the increasing tension between China and the US could potentially impact Tesla disproportionately compared with its competitors.

Take advantage of the upcoming price shifts and trade Tesla CFDs now. You can profit whenever the price of Tesla stocks go up or down. It's easy. Create a free account at SimpleFX using your email address. There is no minimum deposit.Trade online anywhere using your desktop computers or smartphones.


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