Tesla shares reach historic intraday record in a year

Tesla, an electric vehicle company, saw its shares surge nearly 20% on Tuesday. The jump came after shares were deeply hurt by a selloff, recovering impressively as data showed an increase in China sales and as an analyst increased his rating on the stock.

Shares of the company closed at $673.58, recording their sharpest daily jump since February 2020. The rebound, which accounts for over $100 billion of Tesla’s market capitalization, stopped a five-day streak of losses after interest rates dragged the tech-heavy Nasdaq.

New Street Research analyst Pierre Ferragu raised his rating for the company to “buy” from “neutral”. In addition to this, he increased his target price to $900 from $578. While there was an increase, stocks were still down more than 20% from their January peak.