Shares of electric automaker Tesla Inc. surged more than 8% to $285.50 following optimistic analyst reports from Baird and Bernstein, CNBC reported Sept. 10.
In a note to clients on Sept. 10, Bernstein analyst Toni Sacconaghi said Tesla's "setup in sentiment looks relatively favorable for the next few weeks."
Following a tour of Tesla's factory, a Baird analyst said the Gigafactory 1's manufacturing capability "should be a competitive advantage for TSLA over the long term."
However, Tesla's stock slid by more than 20% over the past month over pressures related to crucial departures from the company's management and the rogue behavior of its CEO and chairman, Elon Musk. In his latest stunt, Musk smoked marijuana during a livestreamed video interview.
Tesla is also being investigated by the Securities and Exchange Commission over Musk's tweets stating his intention to make the company private at $420 per share. Musk later abandoned his plans to privatize after talking with shareholders.
In an email to employees on Friday, Musk said he expects Tesla will soon have its "most amazing quarter" and promised that the company will manufacture and deliver twice the number of cars it did last quarter.