Tesla shares extend rally after China registration surge and nod from Goldman [Reuters]
Tesla, Inc. (TSLA)
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Source: Reuters
Tesla shares extend rally after China registration surge and nod from Goldman (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 $723. “We believe that the combination of Tesla’s product leadership (
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