Tesla's rally continues. The stock is up over 10% in the first minutes of trading to $97.03.
Tesla reported its first ever quarterly profit and crushed earnings expectations on May 8. The stock closed at $55.79. It opened at $70.12 Friday morning. Consumer Reports gave it a 99/100 – the highest score ever.
Morgan Stanley's Adam Jonas said the fundamental debate about Tesla has changed. "The debate has moved on from questions of viability to measuring the success and sustainable competitive advantage of the business, triggering a dramatic compression of the stock’s implied risk premium." Morgan Stanley raised its price target on Tesla to $103, form $47.
Tesla has a short interest of 44.1% as of April 30 and some argue that this is just a short squeeze.
Here's a five-day chart from GoogleFinance:
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