TSLA Stock Forecast: Tesla Inc win streak hits five ahead of Berlin GigaFactory Opening

NASDAQ:TSLA gained 1.74% during Monday’s trading session.
CEO Elon Musk arrives in Germany ahead of first Berlin deliveries.
Jeffries reiterates its buy rating but lowered its price target for Tesla stock.

Stocks Reporter FXStreet

NASDAQ:TSLA extended its recent win streak to five straight sessions as the stock continues to see a bullish uptrend ahead of the opening of the Berlin GigaFactory. On Monday, shares of Tesla gained a further 1.74% and closed the trading day at $921.16. The stock has now gained over 18% during the past week, as the company inches back towards the trillion dollar market cap level. Tesla outgained the broader markets on Monday as the NASDAQ index dipped by 0.40% after last week’s hotstreak. Other EV stocks also fell as Lucid (NASDAQ:LCID) and RIvian (NASDAQ:RIVN) dropped by 1.09% and 4.47% respectively, while Chinese EV maker Nio (NYSE:NIO) fell by 2.88% after an analyst downgrade ahead of its earnings on Thursday.

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CEO Elon Musk has officially arrived in Germany as the company plans its grand opening of the Berlin GigaFactory. The first Model Y deliveries will be sent out later this week, and Tesla is hoping that the new plant will be able to serve the European market and take some pressure off of the Shanghai GigaFactory. The two factories as well as the new one in Austin, Texas will support Tesla’s ambition to grow production by 50% on an annual basis for the next few years.

TESLA stock news

Jeffries analyst Phillipe Houchois released a bullish note for investors, even though he lowered the price target on Tesla stock from $1,400 to $1,250. Houchois remained steadfast on the fact that Tesla is operating at a higher level than any other EV maker right now, and pointed to Musk’s Tesla Master Plan Part 3 as another bullish catalyst for the future of the company.

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