Tesla Inc (NASDAQ:TSLA) shares are trading higher on Monday after Evercore ISI raised its price target on the stock. The company also reportedly increased production at its Shanghai facility.
What Happened: Evercore ISI analyst Chris McNally maintained an In-Line rating on Tesla while raising the price target from $235 to $300.
Tesla has a consensus Buy rating from analysts with an average price target of $349.50, per Benzinga data. Other recent analyst changes include a price target raise to $483 from Stifel and a price target increase to $247 from UBS.
Separately, Reuters reported that Tesla vice president Tao Lin announced on Weibo that the company’s Shanghai Gigafactory has begun a production ramp-up in the fourth quarter. The Shanghai facility is Tesla’s largest manufacturing hub globally.
Tesla’s decision to ramp up production comes as its China-made EV sales are beginning to rebound, climbing 2.8% in September compared to the previous year. The modest recovery breaks a two-month streak of declining sales and was helped along by the rollout of a new six-seater model that recently hit the Chinese market.
The positive analyst update combined with the renewed activity at Tesla's Shanghai plant seems to be boosting investor confidence to start the week with shares up nearly 4% at last check.
TSLA Analysis: The price action in Tesla shares suggests a bullish trend, confirmed by higher highs and higher lows. Volume is robust at approximately 46 million shares, indicating strong buying interest.
The RSI is calculated at 66.25, approaching overbought territory, which may signal a pullback soon. The MACD shows a bullish crossover, but the lines are converging, hinting at a potential slowdown in momentum.
Benzinga Edge rankings show moderate fundamentals, with a Value ranking of 4.39/100, a Growth ranking of 75.63/100, a Quality ranking of 64.52/100 and a Momentum ranking of 89.78/100.
TSLA Price Action: Tesla shares were up 3.87% at $429.51 on Monday at the time of publication, according to Benzinga Pro.
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