Shares of Tesla Inc. TSLA,
fell 2.7% in pre-trading on Wednesday to put them on track to pull out a 5-day series of gains, even as Deutsche Bank analyst Emmanuel Rosner raised its target by 33% Shares of the electric vehicle and battery maker have jumped 36.2 percent in the past five days to track 71.1 percent of the 34 percent decline in the bear market since the September 1 record close of $ 498.32 through Sept. 8, closing the bottom of $ 331.21. Rosner raised his stock price target to $ 400 from $ 300, but reaffirmed his retention rating as his new target is still 1
1.1% below Tuesday’s closing price of $ 449.76. Rosner said Tesla could introduce a “new secured production system” to increase battery capacity, improved cell chemistry that significantly improves performance and “rapidly decreasing” battery costs on the long-awaited battery day scheduled for Sept. 22. “While the media and investor expectations for the event are high, we believe that these announcements can meet many of them and strengthen Tesla’s position as a technology leader,” Rosner wrote in a note to customers. “We believe that the continued enthusiasm of investors for EV’s plays and the expected confirmation of current technology led by Tesla may continue to support its appreciation.” Shares of Tesla rose 437.6% year-on-year to Tuesday, while the S&P 500 SPX,
has gained 5.3%.