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Tesla: shares up after broker raises target

(CercleFinance.com) - Tesla shares, which have gained 30% over the past month, approached all-time highs on Thursday after a Wall Street brokerage firm raised its target price to more than 500 dollars.

Canaccord Genuity raised its price target on the stock from 375 dollars to 515 dollars, while maintaning a "buy" rating on the share.

In a note to clients, the brokerage firm said "2020 will be an electric year as the EV revolution gathers speed."

"We expect to get a glimpse of this next week when Tesla reports its delivery numbers for the fourth quarter, which we anticipate will be above company guidance of 360,000 units for 2019, in comparison to our 368,965 expectation," it wrote in the report.

Shares in Tesla are currently up 1.7% at 425.6 dollars, close to their all-time high of 435 dollars.

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