(Bloomberg) — Tesla Inc.’s relentless surge continued Monday amid several upcoming events that include the possible unveiling of new battery technology from the electric vehicle maker, entry into a lucrative new market and the potential inclusion of the stock into the prestigious S&P 500 Index.The company late on Friday said its much-anticipated “Battery Day” event will be held on Sept. 22, at its Fremont, Calif., factory. According to Wedbush analyst Daniel Ives, Tesla could announce a number of new potential “game changing” battery developments at the event. Separately, Roth Capital upgraded the stock, saying the company is well down the path of preparing to enter the Indian market, where they see China-like potential.“The technology innovations around Fremont remain the key ingredients in Tesla’s success on the battery front and we believe the company is getting closer to announcing the million-mile battery,” Ives wrote in a note to clients.Tesla jumped as much as 16% to $,1794.99 on Monday, the biggest intraday gain since March 24.Roth analyst Craig Irwin upgraded his rating on Tesla to the equivalent of a hold from sell, saying the company is well down the path of preparing to enter the Indian market, where the analyst sees China-like potential. “We expect tangible evidence by the end of 2020, with sales in India starting as soon as 2021,” the analyst added.The incredible rally in the stock has left Wall Street analysts struggling to make sense of the sky-high valuation — which soared past that of Toyota Motor earlier this month and topped $300 billion on Monday. Tesla shares are up about four-fold just this year, despite a steep pandemic-related selloff in February and March.Although the stock had kicked off this year with a strong run, its ascent has been turbo-charged after Tesla reported better-than-expected delivery numbers for the second quarter earlier this month, leading many to say the company may be poised to report a profit for the period. Profitability is good news in itself, but in the case of Tesla, this would also mark the fourth consecutive quarter of profit, a milestone it needs to achieve to be considered for inclusion in the S&P 500 Index.(Updates with analyst comments starting in the third paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
from Yahoo Finance https://ift.tt/2BWqxeN
