Shares of Tesla Inc surged 12per cent on Tuesday after Credit Suisse upgraded its rating on the electric carmaker and as Wall Street rallied on ...
Shares of Tesla Inc surged 12per cent on Tuesday after Credit Suisse upgraded its rating on the electric carmaker and as Wall Street rallied on optimism the coronavirus outbreak was reaching a plateau.
FILE PHOTO: The company logo is pictured on a Tesla Model X electric car in Berlin, Germany, November 13, 2019. REUTERS/Fabrizio BenschREUTERS: Shares of Tesla Inc surged 12per cent on Tuesday after Credit Suisse upgraded its rating on the electric carmaker and as Wall Street rallied on optimism the coronavirus outbreak was reaching a plateau.
The stock has jumped 28per cent in the past two days as investors look beyond disruptions caused by the pandemic, which has forced Tesla to close its California factory, furlough workers and cut salaries.Credit Suisse raised its rating on Tesla to"neutral" from"underperform," saying short-term changes in demand related to the outbreak will distract traditional automakers like General Motors and Ford Motor in their gradual transition toward electric vehicles.
"Coronavirus disruption will make it more difficult for legacy automakers to balance the long-term shift in the face of near-term cycle disruption," Credit Suisse analyst Dan Levy wrote in a research note.Tesla's stock has doubled from its March low and remains down 20per cent from its record high close in February, before fears about the coronavirus' impact on the global economy triggered a deep stock market sell-off.The S&P 500 rallied 2.6per cent on Tuesday as some U.S.
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