Tesla Hits New All-Time High

Tesla is up 4.5% to $US258.89, and earlier it hit an all-time intraday high of $US265.

The stock went on a tear on Tuesday, after Morgan Stanley’s Adam Jonas raised his price target to $US320, from $US153.

Consumer Reports also named the Tesla Model S the best overall car of 2014, yesterday. Here’s some high praise from the report:

“The Tesla is brimming with innovation. Its massive, easy-to-use 17-inch touch screen controls most functions. And with its totally keyless operation, full Internet access, and ultra-quiet, zero-emission driving experience, the Tesla is a glimpse into a future where cars and computers coexist in seamless harmony.”

Today, Jason Schwarz of TheStreet.com argued Tesla is more of a tech company than the likes of Facebook. From Schwarz:

“Tesla’s market cap sits at a paltry $US31 billion compared to Facebook at $US178 billion, Google at $US410 billion and Apple at $US470 billion. Tesla could be headed to $US1,000 over the next 3 years to 5 years based on these market cap comparisons.” Schwarz is long Tesla.

In the past couple of weeks, the stock got a boost from speculation that Apple was in talks to buy Tesla, which was later discredited. It also got a boost after the green auto maker announced 2014 sales forecasts and beat Q4 earnings expectations.

Tesla is also expected to make an announcement about its Gigafactory this week that is intended to design batteries for mass market cars.

Here’s a look at Tesla’s stunning run up since it announced its first quarterly profit last year.

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