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Tesla shares, which have been on a tear for the last six months, shot to $643.80 in early trading.
At least nine analysts raised their price targets on the stock, with Canaccord Genuity’s analyst Jed Dorsheimer raising his price target to $750 from $515.
The higher delivery forecast suggests Tesla is looking at a steadier chapter after years of steep losses, production troubles and clashes between Chief Executive Officer Elon Musk and U.S. regulators.
Credit Suisse analyst Dan Levy said that Tesla checks a number of boxes for investors and noted that the key takeaway from the quarter was the company’s promise of comfortably delivering over 500,000 units this year.
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The electric vehicle maker said its new Shanghai factory, which started delivering Model 3 sedans a month ago, was running as expected and that it would increase production of the mass-market cars because of strong demand in China.
(Reporting by Aakash Jagadeesh Babu in Bengaluru; Editing by Saumyadeb Chakrabarty and Anil D’Silva)