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Tesla stock rises, as blowout earnings prompt both bulls and bears to boost price targets

July 23, 2020

Shares of Tesla Inc. rose Thursday after a blowout earnings report late Wednesday, leading a host of Wall Street analysts, bulls and bears alike, to increase their price targets for the stock.

The average target remained well below current prices, however, suggesting most analysts believe the stock is overvalued.

The electric vehicle maker reported late Wednesday a surprise second-quarter profit, sales that fell less than forecast, and said it had the capacity to deliver more than 500,000 vehicles this year. The results put Tesla on a course to join the benchmark S&P 500 index.

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