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Tesla: shares hit record highs on broker optimism

(CercleFinance.com) - Tesla has kicked off trading on Tuesday having reached new record prices, boosted by another broker.

The wave of analyst upgrades continued this morning with Jefferies raising its target price by 50% to 600 dollars from 400 dollars, while maintaining a "buy" rating on the stock.

This hike reflects Tesla's ability to pursue additional growth in power storage/generation and selling batteries to third party carmakers, an opportunity that could add 2.2 billion dollars to operating profit by 2030, the broker said.

The share is currently up 3% at 540.5 dollars, after breakng the 500-dollar theshold for the first time ever yesterday.

Its current market capitalisation of 96.2 billion dollars is almost the same as those of the three historic carmakers - GM (50 billion dollars), Ford (36 billion dollars) and FCA (28 billion dollars) - combined.

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