Autos

Tesla is a ‘stock you cannot fundamentally value,’ trader says.

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Tesla seems unstoppable.

The electric auto maker’s stock hit a record high for the fifth day in a row on Tuesday, adding to a practically relentless 223% rally since the market bottomed in March. Tesla’s $258 billion market cap now makes it larger than 97% of the S&P 500’s components.

Analysts at Barclays and Morgan Stanley who remain underweight the stock said Tuesday they see few near-term obstacles ahead for Tesla.

Morgan Stanley raised its base case price target to $740 from $650 and set its 2030 bull case target at $2,070 a share. Barclays analysts wrote that they “see nothing to prevent the shares moving higher in the coming weeks” and “no downside catalyst” until the fourth quarter…



Source cnbc.com

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