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Tesla stock surges 60% in seven days

Tesla stock

Tesla (NYSE: TSLA) stock price has so far recovered more than half of the losses it suffered during the coronavirus selloff as some pundits believe Tesla is well-placed to recover at a faster pace than legacy automakers because the coronavirus spread will slow their move towards electric vehicles.

Investors’ confidence in Tesla’s production capacity is adding to share price gains. Tesla’s China car registrations jumped by 450% in March compared to the previous month.

The company has resumed its Shanghai factory operations with plans of selling two more versions of its Model 3 vehicle in China. The electric vehicle maker plans to begin delivering Long Range Model 3 in June priced at 339,050 yuan while it also seeks to deliver a Performance Model 3 next year.

The automaker still anticipates delivering more than 500,000 units this year, while its California factory remains closed. However, analysts expect Tesla to see softer demand in the coming months and supply shortages due to shutdowns.

Tesla stock surges %...

Investor’s optimism is also backed by stronger-than-expected deliveries for the first quarter. It delivered almost 88,400 vehicles in the first quarter, up significantly from the consensus estimate for 79,900 deliveries

Tesla stock price has risen 60% after seven days of consecutive gains, the best seven-day stretch since 2013. The shares are still trading well below the all-time high of $970 that it hit in February. Meanwhile, Goldman Sachs has provided a price target of $864 with a buy rating.

“We are positive on Tesla because we believe that the company has a significant product lead in EVs [ electric vehicles], which is a market where we expect long-term secular growth,” Goldman Sachs analyst Mark Delaney said. The analyst claims that Tesla looks strong compared to peers based on valuations and revenue growth potential. The product leadership and early mover advantage will add to the Tesla stock price rally in Mark Delaney’s view.

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Based in Saudi Arabia, Siraj has a strong understanding of and passion for accounting and finance. He has worked for international clients for many years on several projects related to the stock market, equity research and other business, accounting and finance related projects. Siraj is a published financial analyst on the world's leading websites including SeekingAlpha, TheStreet, MSN, and others.