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Tesla’s stock is currently trading at 1,004.00-higher by 1.23% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 0.53%. The stock has continued gaining after the opening bell.
Investment bank Jefferies raised its price target on the electric carmaker’s stocks to $1,200 per share from $650 per share. The firm, however, reiterated a buy rating on stocks of Tesla. Jefferies’ price target represents an upside of 21% from the stock’s previous closing price. The investment bank hiked its price target saying the gap with competitors is widening both in terms of product and battery technology.
Jefferies highlighted that Tesla’s business model continues to test legacy car companies as direct selling is getting the attention of traditional carmakers. The investment bank also said that the coronavirus pandemic has helped accelerate the transition to electric vehicles among consumers within the public policy sphere. Stocks of Tesla have rallied around 140% so far in 2020.
On the technical front, the RSI is currently at 65.91% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger Bands and is heading upwards.
Overall Bias is Positive and short-term trades can be initiated with below mentioned Stop Loss and Profit targets.
TRADE SUGGESTION- LIMIT BUY AT 1002 TAKE PROFIT AT 1012 STOP LOSS AT 997