NEW YORK: Shares of electric vehicle maker Tesla Inc surged nearly 20% on Tuesday, rebounding from a deep selloff with its largest daily gain in a year after data showed an increase in China sales and an analyst raised his rating on the stock.
The jump, which added over US$100 billion to Tesla's market capitalization, stopped a five-day streak of losses for the company in a Nasdaq slump in which investors spooked by rising interest rates have abandoned growth stocks with heady valuations.
New Street Research analyst Pierre Ferragu raised his Tesla rating to "buy" from "neutral," and upped his target price to $900 from $578.
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