Tesla Charging Higher After Price Target Raise

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Tesla Motors Inc (NASDAQ: TSLA) shares were trading higher by $8.54 (3 percent) at $257.38 in Monday's session. The catalyst for the rally is comments from Baird analyst Ben Kallo, who reiterated an Outperform rating and raised Tesla's price target from $275 to $335.

The move has broken the issue out of a trading range that has persisted since May 22 between $245.01 and $252.87.

After a higher open ($250.85 versus Friday's close of $249.14), it briefly retreated to $250.31 before resuming its rally. So far, it has reached $258.75 before falling back to the $257 level.

That marks the highest level for the stock since it peaked at $259.99 on November 18, 2014.

The analyst's target is considerably higher than its all-time high that was made on September 4, 2014, at $291.42.