Tesla Inc. stock approached $900 on its way to another record close on Friday, stretching its winning run to an unprecedented 11th trading day.
shares rose as much as 7.3% to hit an intraday high of $875.38. The stock is up 36% over its 11 sessions of gains, the longest winning streak on record.
The stock boost also pushed Tesla’s market capitalization to $824 billion, thus making Tesla the fifth largest U.S. company by market cap. Tesla’s market valuation surpassed Facebook Inc.’s
on Thursday. Tesla has added more than $105 billion in market value this week alone.
Earlier Friday, analysts at Evercore ISI upgraded their rating on the stock to the equivalent of hold, from sell, saying that they have been “on the considerably wrong side of (Tesla) for over a year now,” they said in a note.
Their neutral stance now matches the ratings of 15 out of the 37 analysts covering Tesla and surveyed by FactSet. Of these, 12 have a buy rating on the stock and 10 have a sell rating.
For five years, “we have viewed (Tesla) as a ‘growth + premium auto,’” an “attractive” premium EV maker company that “would grow for a very long time & would sell x numbers of vehicles in x eventual outyear….but was still an auto company,” they said.
“In reality (hindsight & rationalization, never predicted), we believe tech/retail investors see (Tesla) as two separate tech companies,” one that is a market leader in electric vehicles and another offering driverless-car technology, solar-power stationary storage, battery and powertrain technologies and others.
Moreover, Tesla is “in the best position” to capitalize from any upside from climate initiatives from the new Biden administration and a “blue” Senate, the Evercore ISI analysts said.
Shares of Tesla have gained 796% in the past 12 months, compared with gains around 17% for the S&P 500 index.
Tesla was added to the benchmark index last month.