Tesla (TSLA) is up nearly $54 this morning, pushing the NASDAQ into the green.
All on news it’s joining the S&P 500 on Monday, Dec. 21.
“This is another major feather in the cap for Tesla bulls joining the S&P 500,” said Dan Ives, an analyst at Wedbush Securities, as quoted by CNBC. “It speaks to the sustained profit trajectory that Tesla is now finally getting into this elusive club after much noise on the Street.”
However, given the size of the addition, the S&P Dow Jones Indices is seeking feedback from investors to figure out if Tesla should be added all at once, or in two separate tranches.
“Due to the large size of the addition, S&P Dow Jones Indices is seeking feedback through a consultation to the investment community to determine if Tesla should be added all at once on the rebalance effective date or in two separate tranches ending on the rebalance effective date,” S&P said in a statement, as quoted by CNBC.
However, TSLA isn’t the only EV stock worth paying attention to.
Shares of NIO are pushing higher ahead of earnings on Wednesday. The stock has been a powerhouse in recent months, running from $10 to $45.58 on strong delivery numbers.
Citigroup analyst Jeff Chung recently upgraded the stock to the equivalent of a buy rating, according to Barron’s, form a hold. He also increased his price target to $33.20 from $18.20.
JP Morgan analyst Nick Lai, who believes electric vehicle penetration could quadruple over the next five years, called Nio a “long term winner in the premium space.”
Record deliveries are sending the stock higher, too.
“NIO delivered 5,055 vehicles in October 2020, a new monthly record representing a strong 100.1% year-over-year growth. The deliveries consisted of 2,695 ES6s, the Company’s 5-seater high-performance premium smart electric SUV, 1,477 ES8s, the Company’s 6-seater and 7-seater flagship premium smart electric SUV, and 883 EC6s, the Company’s 5-seater premium electric coupe SUV. NIO delivered 31,430 vehicles in 2020 in total, representing an increase of 111.4% year-over-year. As of October 31, 2020, cumulative deliveries of the ES8, ES6 and EC6 reached 63,343 vehicles.”
Li Auto is another one to watch.
The stock was just upgraded at Citigroup from a Hold to a Buy rating with a price target to $45.60. The analyst, according to Barron’s, “appears to have become more optimistic about fourth-quarter and 2021 EV sales in China.”
The post The Top Electric Vehicle Stocks Accelerating to Higher Highs appeared first on Morningology.
