Tesla rallies again, boosting ‘Battery Day’

(Reuters) – of Tesla Inc. The stock was scheduled for a fifth consecutive season, as anticipation for its “Battery Day” event is hot next week, due to some sellouts and surprise boycotts following its recent valuation recession. 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.

Electric-vehicle manufacturer Nicola Corp K shares, which are in a public spat 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)