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The
carmaker's shares, up nearly 8% in pre-market trading, were on
track to hit their highest in over a month.
The electric-car maker said on Friday it was encouraged by the
strong reception of its Model Y crossover in China and it was
quickly progressing to full production capacity.
Tesla's ability to produce roughly the same amount of vehicles
in the first quarter as in the fourth quarter "stands out
relative to the trend in global light vehicle production",
J.P.Morgan analysts wrote in a note.
Chief Executive Officer Elon Musk's personal wealth has been
boosted by a more than eight-fold surge in the stock's value
last year, even though its production is just a fraction of
rivals such as Toyota Motor, Volkswagen and General Motors.
At least three brokerages ratcheted up their price targets on
Tesla's stock. Brokerage Wedbush made the most aggressive move
by hiking its target by $50 to $1,000, much higher than the
median price target of $712.50, as per Refinitiv data.
Tesla delivered 184,800 vehicles globally during the first
quarter of 2021, above estimates of 177,822 vehicles, according
to Refinitiv data.
Tesla's shares were at $713 before the bell, while other EV
makers, including NIO Inc, Workhorse Group and Xpeng Inc were up
about 3%.
"The (EV) sector looks primed to resume its march higher,
considering the surging demand for EVs in China, Europe, and the
U.S. Tesla's delivery numbers could be the spark needed to
jumpstart the next rally," said Jesse Cohen, senior analyst at
Investing.com.
(Reporting by Subrat Patnaik and Akanksha Rana in Bengaluru;
Editing by Rashmi Aich)
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