Despite its failing fortunes and selling fewer cars than usual, Tesla appears to be reigning on its potential at Wall Street. The company shares closed over 4 per cent higher at the official end of the day's trade on Wednesday, June 26. Tesla Inc., listed on Nasdaq, jumped 4.81 per cent or USD 9.02, closing at USD 196.37.
Interestingly, along with Tesla, other tech stocks, including Amazon, helped Nasdaq close higher.
Go Bullish, Says FinServ
Coming to Tesla, this positive development comes after American investment bank and financial services group Stifel initiated coverage of Tesla and came out with a 'buy' rating for its shares. The St. Louis financial firm set a price target of USD 265 per share.
According to the group, investors should go 'bullish' on purchasing company shares. They advocated this by stating that the company has significant potential to grow in the next three years. | File/ Representative Image
According to the group, investors should go 'bullish' on purchasing company shares. They advocated this by stating that the company has significant potential to grow in the next three years.
Tesla has not had the best time in the past few quarters. At the beginning of the year and at the end of the first quarter of 2024, the company reported a drop in sales for the first time since 2020 and subsequently also reported a dip in its overall revenue generated later on.
In addition to Tesla, the aforementioned Amazon and other tech stocks also zoomed, bringing about a positive end to the day's trading proceedings for Nasdaq index at large. Amazon gained 3.90 per cent or USD 7.27, closing at USD 193.61. | File
Tech Stocks Soar
In addition to Tesla, the aforementioned Amazon and other tech stocks also zoomed, bringing about a positive end to the day's trading proceedings for Nasdaq index at large. Amazon gained 3.90 per cent or USD 7.27, closing at USD 193.61.
Apple shares, also listed at Nasdaq, gained 2.00 per cent or USD 4.18, taking the whole value of the company shares to USD 213.25. Microsoft was not far behind, as one of the largest companies in the world gained 0.27 per cent or USD 1.21, closing at USD 452.16. All these developments lead to the Nasdaq closing at 17,805.16, gaining 0.49 per cent or 87.50 points.
