Why Tesla Stock Is Surging Today
(NASDAQ: TSLA) stock is seeing strong bullish momentum in Friday's trading. The electric vehicle (EV) company's share price was up 6.9% as of 3:15 p.m. ET amid the backdrop of a 1.2% gain for the S 500 index and a 1.7% gain for the Nasdaq Composite index.
In addition to bullish momentum for the broader market today, Tesla is gaining ground thanks to positive industry reports and analyst coverage. In addition to a Reuters report stating the EV specialist was seeing seeing strong sales in China, the company's stock is also getting a boost from a price target increase from Canaccord.
Reuters recently published a report on Tesla's sales performance in China across 2024, and the analysis paints a bullish picture. Vehicle sales in China increased 8.8% year over year to reach more than 657,000. Even better, the report shows that vehicle sales accelerated above that rate to deliver growth of 12.8% and sales of 83,000 units last month. The results look particularly significant on the heels of Tesla's recent vehicle deliveries and production report for the fourth quarter of 2024.
Source Fool.com
Tesla Inc Stock
Our community is currently high on Tesla Inc with 106 Buy predictions and 41 Sell predictions.
On the other hand, the target price of 408 € is below the current price of 415.1 € for Tesla Inc, so the potential is actually -1.71%.
