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Tesla adds $106 billion to market capitalization after shares surge almost 20%
Tesla Inc shares soared nearly 20 percent on Tuesday, its largest daily gain in a year that added $106 billion to its market capitalization, due to increased China sales and improved ratings on the stock by New Street Research analyst Pierre Ferragu.
Tesla's rally accompanied a 3.7 percent jump and stopped a five-day streak of losses in the Nasdaq.
Tesla’s stock, which closed at $673.58 after its strongest daily rise since February 2020, is still 20 below its record high in January.
The EV maker sold 18,318 vehicles in China in February, up from 15,484 in January, while Ferragu raised his Tesla rating to “buy” from “neutral,” and upped his target price to $900 from $578.
In a client note, Ferragu said they have confidence on the solid outlook for Tesla in the next two years.
Tesla got neutral ratings from 13 analysts, with 12 recommending buying and 10 recommending selling.
Tesla shares were the most traded at $43 billion worth, almost tripling Apple, the second most-traded company.