FILE PHOTO: The company logo is pictured on a Tesla Model X electric car in Berlin, Germany, November 13, 2019. REUTERS/Fabrizio Bensch
(Reuters) – Tesla’s (TSLA.O) stock extended its recent rally on Wednesday following a surge in China car registrations and after Goldman Sachs initiated coverage of the electric car maker with a “buy” recommendation.
Shares of the Silicon Valley automaker rose nearly 2%, bringing their gain this week to 26% as traders look beyond the short-term impact of the coronavirus pandemic, which has forced Tesla to close its California factory, furlough workers and cut salaries.
Tesla’s China car registrations jumped 450% in March, month on month, data from auto consultancy LMC Automotive showed. Overall auto sales in China plunged 43.4% in March, as a coronavirus pandemic continued to depress demand.
In a note late on Tuesday, Goldman Sachs analyst Mark Delaney started coverage of Tesla with a $864 price target, compared to its latest price of…
Source Reuters Tech News
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