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Tesla shares jump after Wedbush analyst raises price target but maintains neutral rating



Shares of Tesla Inc. TSLA,
-4.14%
rose 2.2% in pre-trading on Friday, jumping from a 5.9% drop in the last two days after Wedbush analyst Dan Ives raised his price target above current levels, citing signs of “stable and stronger-than-expected “demand in China. Ives raised its price target to $ 475, which is 12.2% above Thursday’s closing price of $ 423.43, from $ 380, while repeating the neutral rating it had on the April 2019 stock exchange and the recent price reductions catalyze strong unit deliveries for Musk & Co. in this key market with an increased market share compared to local competitors, as the success story of the Giga 3 continues to unfold, ”Ives wrote in a note to customers. He said that the 3 models sold in China have gradually higher margins than those sold in the US and Europe, he believes that power in China could increase Tesla̵

7;s profitability profile over the next few years. And for the long-awaited battery day, scheduled for Sept. 22, Ives said CEO Elon Musk will announce a number of potential developments to change the battery. The sale of shares in the last two days broke a 5-day series of profits, in which shares jumped by 36.2%, which in turn came after a five-day sale on the bear market, in which shares sank by 33.7%. To date, it has increased more than fivefold (406.1%), while the S&P 500 SPX,
-0.84%
has won 3.9%.


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