Tesla shares surged 14 percent on Tuesday, rebounding from a deep sell-off. It is now back on track for their largest one-day gain in about a year. A data showed an increase in China sales and an analyst raised his rating on the electric car maker.
The jump added $75 billion to Tesla’s market capitalization and ended a five-day streak of losses in a Nasdaq slump.
New Street Research analyst, Pierre Ferragu raised his Tesla rating to “buy” from “neutral.” Alongside, he upped the target price to $900 from $578.
Tesla’s stock was last quoted at $643 and it was heading for its strongest one-day performance since March 24, 2020.