Tesla rebounds on track for the best one day gain in a year

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.

Tesla sold 18,318 China-made vehicles in February, up from 15,484 in January, Chinese auto industry body CPCA said.

13 analysts have neutral ratings on Tesla, while 12 recommend buying and 10 recommend selling, according to Refinitiv.

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