Today, Tesla Inc's stock price (NASDAQ: TSLA), increased by 12.66%. A bullish Hertz research report and major Hertz order are attracting positive investor responses. Tesla's market value has surpassed $1 trillion due to its stock price rise.
Morgan Stanley Report
Morgan Stanley released a bullish research note due to Tesla's record-breaking third quarter profit and deliveries. Morgan Stanley analyst Adam Jonas raised the price target for Tesla shares from $900 to $1.200 per share. Jonas reiterated his "Overweight" rating for the shares of the company, citing increased vehicle sales volumes over the next years. Jonas noted that Tesla is demonstrating leadership manufacturing in the EV sector.
Tesla posted a net profit of more than $2 billion for the three months ended September. The company also reported the highest profit margins of any company in its history at 30.5%. Plus sales hit a record $13.7 billion.
Hertz's order of 100,000 Tesla vehicles also received positive responses from investors. The vehicles will be delivered by the end next year. Hertz placed the order for an increase in its electrified rental vehicles options.