Shares of Tesla Motors Inc (NASDAQ: TSLA) rallied 5.6% on Monday after an upgrade to buy from Deutsche Bank. 

The bank also increased its price target on the stock to $310, from $220 a share.

The stock traded as high as $263.74, according to FactSet, inching closer to a $265 intraday record reached in February. Tesla shares hit a closing record of $254.84 on March 4.

Copyright © 2014 MarketWatch, Inc.