Wedbush analyst Dan Ives raised his price target on Tesla after the electric vehicle company posted better-than-expected deliveries in the second quarter. The tech analyst hiked his 12-month price target on the Elon Musk-led company by 9%, to $300 from $275 previously. The new forecast implies a 30% gain from Tuesday's close of $231.26. Ives also updated his most optimistic, bull case for the Elon Musk-led stock, seeing it hitting $400 in 2025.
Tesla shares have jumped nearly 17% this week after the company posted second-quarter vehicle production and deliveries numbers that beat analyst expectations. Tesla's total deliveries hit 443,956 vehicles in the second quarter, with production of 410,831 vehicles.
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