Tesla Motors’ stock has catapulted up about 20% since Monday after earning the endorsement of a top Wall Street analyst as well as Consumer Reports, which rated the company’s Model S best overall auto of 2014 Tuesday.
The electric auto maker saw its stock as high as $256 at around 11:00 a.m. Wednesday, compared with $217 at market close Monday. The company is on a serious roll after Consumer Reports rated the auto best overall car, calling it a “a glimpse into the future.” That glowing review came shortly after Morgan Stanley analyst Adam Jonas said Tesla warrants a share price of $320.
The Wall Street sign of approval came after CEO Elon Musk announced the company is planning to build a “gigafactory” to produce the batteries needed to make more affordable vehicles, Bloomberg reports. The batteries can also be used to store energy for electricity consumers, and analysts have said Tesla’s lithium-ion battery could disrupt the energy market.
“If Tesla can become the world’s low-cost producer in energy storage, we see significant optionality for Tesla to disrupt adjacent industries,” said Jonas.