Tesla stock jumps after news of stock split, Baird analyst holds neutral rating and price target


Tesla Inc. TSLA shares
-3.11%
On Wednesday, prepaid trading gained 6.1% after falling 7.7% amid a 3-day streak in the wake of the announcement of a 5-for-1 stock split by the electric car manufacturer. Baird analyst Ben Kallo reiterated the neutral rating on the stock from January 9, while maintaining his price target of $ 1,658, nearly 21% above Tuesday’s closing price of $ 1,374.39. “We believe the share split is a recognition of the fact that the market is influenced by individual investors, including acquiring risk for the next generation of transportation,” Kalalo wrote in a note to clients. “Overnight stock strength is a signal for investors to choose to buy stocks, which are positioned to benefit from the current upgrade cycle for transportation, renewable energy and software enabling applications.” The stock is up more than Tuesday (228.5%), while the S&P 500 SPX, on Tuesday.
-0.79%
Has increased by 3.2%.

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