Tesla Surges To Fresh Record After Piper Jaffray Upgrades To Buy, Raises Price Target By 65%

By Ciara Linnane Markets MarketWatch Pulse

Tesla Inc. shares rocketed another 3% to a fresh record in early trade Monday, after Piper Jaffray upgraded the stock to the equivalent of buy from neutral and raised its price target by 65% to $368 from $223. "We have driven a Tesla for seven months in preparation for this report, and after conducting investor meetings with the company last week, we're finally ready to take a stand," analyst led by Alexander Potter wrote in a note. "Admittedly, before investors can follow our advice and buy TSLA shares, they will need to employ a "creative" valuation methodology and prepare for a bumpy ride." Potter said he is convinced that Tesla will begin Model 3 deliveries this year and not mid-2018 as previously assumed. Tesla shares rose to a high of $312.57 and was last quoted at $311.08.

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