Other auto stocks joins in the impressive rally in Tesla's stock. Here's why.
Tesla has a new Street high price target. Oppenheimer analyst Colin Rusch more than doubled his price target on the stock to $1,036 from $486.
The struggling manufacturer holds a small stake in electric vehicle (EV) start-up Rivian Automotive, which just raised $2.65 billion in funding, adding fuel to the upside. Ford stock, which topped out a decade ago, is now trading above the 50-month exponential moving average (EMA) for the first time since a failed effort at the start of 2018. Market wisdom insists that rising seas float all boats in a bull market, and the red-hot EV segment of the automotive sector is no exception, with Tesla, Inc. (TSLA) and NIO Limited (NIO) encouraging investors to take a second look at GM in 2020.