The shares of Tesla Inc. approached $ 900 on the way to a new record that closed Friday, extending the winning streak to an unprecedented 11th trading day.
Tesla TSLA,
stocks rallied a whopping 7.3% to reach an intraday high of $ 875.38. The stock is up 36% over 11 winning sessions, the longest winning streak ever.
The stock boost also pushed Tesla’s market cap to $ 824 billion, making Tesla the fifth largest US company by market cap. Tesla’s market valuation exceeded Facebook Inc.’s FB.
on Thursday. Tesla added more than $ 105 billion in market value this week alone.
Earlier Friday, analysts at Evercore ISI upgraded their rating on the stock to the equivalent of hold, from sell, saying they have been “on the pretty wrong side of (Tesla) for over a year now,” they said in a note.
Their neutral stance now matches the ratings of 15 of the 37 analysts covering Tesla and surveyed by FactSet. Of these, 12 have a buy rating on the shares and 10 a sell rating.
For five years, ‘we (Tesla) viewed (Tesla) as a’ growth + premium car ‘,’ an ‘attractive’ premium EV maker company that would ‘grow for a very long time and eventually sell x number of cars in x year round …. but was still a car company, ‘they said.
Related: Tesla and other EV makers are reporting record sales and sending stocks to new highs
“In reality (hindsight and rationalization, never predicted), we believe tech / retail investors (Tesla) see as two separate technology companies,” one leading the EV market and another offering self-driving car technology, stationary solar power storage, battery and powertrain technologies and others.
In addition, Tesla is “in the best position” to take advantage of the positive effects of climate initiatives from the new Biden administration and a “blue” senate, according to Evercore ISI analysts.
Shares of several clean energy and related companies also rose on Friday, with US certificates from China-based electric vehicle manufacturer Nio Inc. NIO,
and shares of alternative energy company Bloom Energy Corp. BE,
among the top winners.
Tesla’s stock is up 796% in the past 12 months, compared to an increase of about 17% for the S&P 500 index. SPX,
Tesla was added to the benchmark index last month. Sha