Tesla’s shares surge by 13%, the most bullish target on Wall Street

On Monday, Tesla Inc.’s shares (TSLA.O) rose by 13% to an all-time intraday high of $1,342 per share. Some analysts said that the electric car maker’s shares could surge another 24% this year.

JMP Securities (JMP) boosted its price target to a Wall Street high of $1,500 from $1,050 after Tesla reported its second-quarter deliveries that exceeded some analysts’ expectations. Tesla said that it had 90,650 deliveries while the average estimate was about 70,300.

“We believe that the question to be considered is not whether the stock is expensive on current valuation measures, but what the company’s growth and competitive position signal about the stock’s potential for the next several years,” JMP Securities’ Analyst Joseph Osha wrote in a client note. He also said that Tesla’s annual sales could hit $100 billion in five years.

Tesla’s stock market value increased by $30 billion, exceeding Ford Motor Co’s (F.N) entire value worth $25 billion.