Tesla shares rebound on Wednesday, auto maker poised to boost production at Fremont facility

According to a report by Bloomberg earlier this week, citing an internal email by Tesla Inc, the auto maker is in preparations to ramp up production at its facility in Fremont, California.

Tesla shares closed higher for the fifth time in the past eleven trading sessions on NASDAQ on Wednesday. The stock went up 3.85% ($8.86) to $238.92, after touching an intraday high at $238.93, or a price level not seen since July 3rd ($241.57).

Shares of Tesla Inc have retreated 28.21% so far in 2019 compared with a 24.86% gain for the benchmark index, Nasdaq 100 (NDX).

In 2018, Tesla’s stock went up 6.89%, thus, it outperformed the Nasdaq 100, which registered a 1.04% loss.

“While we can’t be too specific in this email, I know you will be delighted with the upcoming developments,” Jerome Guillen, Tesla’s automotive president, said in the email, cited by Bloomberg.

According to Guillen, the US electric car maker “hit new records in all production lines for output and efficiency” during the past quarter at its facilities in Fremont and Nevada.

Analyst stock price forecast and recommendation

According to CNN Money, the 31 analysts, offering 12-month forecasts regarding Tesla Inc’s stock price, have a median target of $237.00, with a high estimate of $530.00 and a low estimate of $140.00. The median estimate represents a 0.80% downside compared to the closing price of $238.92 on July 10th.

The same media also reported that at least 11 out of 33 surveyed investment analysts had rated Tesla Inc’s stock as “Buy”, while 8 – as “Hold”. On the other hand, 10 analysts had recommended selling the stock.

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