Tesla Inc’s (NASDAQ:TSLA) stock has been on a highly impressive run in recent days, and last week, the stock soared yet again to make life even more difficult for the short-sellers. The fresh optimism around the Tesla stock seems to be centered on the company’s solar business, and on Friday, the stock touched as much as $900 a share as investors piled on to it.
Some experts have projected that the company’s solar business could generate as much as $165 in annual revenues in the coming years. The latest surge came last week when the stock jumped by as much as 7% and continued the impressive rally. The 7% jump in the stock price was also the biggest single-day surge in a two week period. After the close of trading, the stock was trading at $917 a share, and the market cap had soared to as much as $168 billion.
To put it into perspective, the Tesla stock has more than trebled in value over the curse of the past 12 months, and in 2020 so far, it has gained 125%. In addition to that, the stock has also got bullish coverage from Alexander Potter, a well known Wall Street analyst.
Potter stated that the company’s move into the clean energy space could prove to be a major boost and result in a further rise in the stock price. In that light, he raised the target price for the Tesla stock from $729 a share to $928 a share.
He went on to state that the company’s competitive advantage with regards to modern technology has placed it in a unique position to eventually become a major player in the clean energy space. On the other hand, Piper Sandler, the well known financial services company, stated that Tesla is looking at a market opportunity worth $165 billion in a few years. The bullish sentiment about the stock is understandable.