Tesla rallies again, boosting ‘Battery Day’

(Reuters) – Tesla Inc’s stock was set for a fifth consecutive season as anticipation for its “Battery Day” event next week is hot, with its recent valuations dropping some after a sellout and surprise boycott from S&P .

The company’s shares were up 4.4% at $ 437.89 in early Tuesday trading, yet at the beginning of September its stock was just shy of $ 65 a share.

Traders told Reuters in anticipation of the electric-car manufacturer’s “Battery Day” next week, where chief executive Elon Musk expects the latest improvements in Tesla’s battery technology.

“Again ammunition is given for bulls,” said Keith Temperton, sales trader at Fort Securities.

Tempern said, “The battery side is important to what happens with Tesla. Otherwise it’s really another carmaker. If it proves to be a game-changer, then the stock goes up again,” Temperton said. .

Wall Street analysts are still not fully convinced about Tesla’s long-term prospects. According to data from Refinitiv Eikon, the average rating on the company’s stock is “Hold” and the median PT is about $ 140 lower than current trading levels.

Shares of electric-vehicle manufacturer Nicola Corp, which is in a public place with a short seller who accused the company of “fraud”, were down about 8%.

(Reporting by Munsif Vengattil and Sriti Shankar in Bengaluru; Editing by Shaunka Dasgupta)