Wealth

EV related stocks surge as Tesla shares continue to rise



Tesla’s stock has gained more than 225% so far in 2020, a striking comparison to the roughly two percent drop in the S&P 500. Tesla’s record run has made it more valuable than Toyota and GM combined, and investors are now taking note of other electric vehicle stocks as well. CNBC’s Phil LeBeau reports. Subscribe to CNBC PRO for access to investor and analyst insights on Tesla and more: https://cnb.cx/2BT2E7y

Tesla seems unstoppable.

The electric auto maker’s stock hit a record high for the fifth day in a row on Tuesday, adding to a practically relentless 223% rally since the market bottomed in March. Tesla’s $258 billion market cap now makes it larger than 97% of the S&P 500′s components.

Analysts at Barclays and Morgan Stanley who remain underweight the stock said Tuesday they see few near-term obstacles ahead for Tesla.

Morgan Stanley raised its base case price target to $740 from $650 and set its 2030 bull case target at $2,070 a share. Barclays analysts wrote that they “see nothing to prevent the shares moving higher in the coming weeks” and “no downside catalyst” until the fourth quarter of 2020.

Tesla shares closed up over 1% at $1,389.86 on Tuesday.

“This is a stock you cannot fundamentally value,” Quint Tatro, chief investment officer at Joule Financial, told CNBC’s “Trading Nation” on Tuesday. “It doesn’t make money yet. It’s very difficult to do so.”

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