NEW YORK (Reuters) – Pretty much everyone on Wall Street has an opinion about Tesla.
FILE PHOTO: A Tesla supercharger is shown at a charging station in Santa Clarita, California, U.S. October 2, 2019. REUTERS/Mike Blake/File Photo
The electric vehicle maker’s stupendous rally in recent months has given shareholders something to cheer about, cost short sellers billions of dollars and vindicated legions of retail investors who have long adored Elon Musk’s company.
Tesla shares have climbed nearly 320% since early June, helped by the company’s better-than-expected financial results and ramped-up production at its new car factory in Shanghai.
Another factor driving this week’s rally may be fund managers hurrying to raise their allocation of the stock, analysts said.
“A lot of advisors and institutions, they jump in the bandwagon because they don’t want to trail,” said vocal Tesla bull Ross Gerber, president and chief executive of Gerber Kawasaki in Santa Monica,…
Source Reuters Tech News