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Why Tesla Shares Are Racing Higher Today

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Tesla ($TSLA@US) was trading higher Tuesday after UBS raised its price target on the stock. The company was also granted a U.S. patent titled "QOS manager for system on-chip communication." Tesla designs, develops, manufactures, leases, and sells electric vehicles and energy generation and storage systems in the United States, China, and internationally. UBS analyst Patrick Hummel maintained Tesla with a neutral rating and raised the price target from $725 to $1,000. Hummel thinks Tesla is likely to continue exceeding top-line growth and margin expectations in 2022. He doesn't think that any Tesla competitor will be able to get even close to Tesla in 2022. Tesla currently has about 20% global EV market share and industry-leading profitability. However, according to the UBS analyst, Tesla's current valuation "fully reflects" the positives. Tesla has traded as high as $1,243.49 and as low as $539.49 over a 52-week period. The stock was up 4.37% at $1,053.15 at the time of publication.

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