Tesla: shares jump on broker upgrade

(CercleFinance.com) - Shares of Californian electric car maker Tesla rose on Monday, with Canaccord Genuity upgrading the stock from "hold" to "buy".


The broker also raised its target price from 300 dollars to 450 dollars, citing - amongst other things - "strong shipments" to Europe and China.

In a nutshell, Canaccord thinks that the electric car's penetration story has been "underappreciated" by Wall Street.

Separately, Wedbush Securities maintains its "outperform" rating on the stock, along with a target price of 390 dollars, saying that the investment case for the electric car maker is shifting from a "production" to "demand" story.

Shares of Tesla were up as much as 4 percent and were still up 3.5 percent, at 316.5 dollars during morning trade on the Nasdaq.

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