Tesla stock has doubled in six months, “baffling many investors.”
Tesla Inc. stock skyrocketed Tuesday as one analyst said the shares’ ongoing rally is “extremely unusual” in the automobile and industrial sectors.
Sacconaghi, who rates Tesla stock the equivalent of neutral, said he looked back 40 years at instances where similar large-cap stock moves have occurred.While it is not unheard of in other sectors, the sharp gain “is extremely unusual in the autos and industrial sectors,” he said, pinpointing three examples before Tesla’s run: Ford Motor Co. F, -0.54% and Daimler AG DAI, -2.12% in the wake of the global financial crisis, and Fiat Chrysler Automobiles NV FCAU, -1.39% in 2017.
Tesla shares have gained 80% in the past 12 months, compared with advances of 25% and 19% for the S&P 500 index SPX, +0.03% and the Dow Jones Industrial Average. DJIA, -0.03% The stock has been on a tear since mid-December, hitting a string of records along the way.
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