Tesla (TSLA) could see higher highs this week.
Last checked, the electric vehicle stock was up $10.64 on the day on a volume spike to 147 million shares, as compared to its daily average of 121 million. All as investors wait to see what happens at the company’s Cybertruck first delivery event this Thursday, November 30.
Helping, Wedbush analyst Dan Ives says the event could be “another historical moment” for Tesla, as noted by TipRanks.com.
Ives also has an outperform rating on the stock, with a price target of $310 a share.
And while “the Cybertruck will not ‘significantly move the financial needle’ for Tesla in FY24, Ives believes it serves as a testament to its ongoing innovation and the “mind share lead” it has established. Many OEMs, on the other hand, appear to be lagging behind, “still on the treadmill stuck in neutral,” as also noted by TipRanks.com.
While there’s a tremendous amount of excitement building ahead of the event, be careful. Once the event happens, TSLA will likely pull back on a sell-the-news reaction.