Tesla Inc. shares surged 20% on Monday, adding more than $23 billion to the stock’s market value, boosted by earlier-than-expected profitable operations at its Gigafactory and a flurry of bullish reports. The stock rose to $780, a record high closing price that’s 67% above the average analyst price target of $466.78. The stock rocketed 86% in the first month of the year, pushing its market value past that of Volkswagen. Tesla’s market capitalization is now hovering at $140.6 billion, dwarfing that of legacy carmakers such as General Motors Co., Ford Motor Co. and even Volkswagen’s $82 billion. Although analysts do expect the company to turn a profit this year, they’re anticipating about $1.42 billion in net income.

Source: Los Angeles Times February 03, 2020 18:45 UTC