Stock Pops 14% in Premarket Trading; More News From the Quarterly Report and Conference Call

Tesla stock was up 11.2% in premarket trading at $237.57, while S&P 500 futures were up 0.5% and Dow Jones Industrial Average futures were down 0.2%.

Wall Street looks impressed with earnings. KGI Securities analyst Terry Lee upgraded Tesla to Outperform from Neutral with a $276 price target, up from $210 a share, according to FactSet. Goldman Sachs analyst Mark Delaney raised his price target to $250 a share from $230. He rates shares Hold.

Morgan Stanley analyst Adam Jonas called the quarter “one of the strongest Tesla prints in a while.” (Analysts refer to quarterly reports as earnings prints.) He also believes the quarter could mark the bottom in investor sentiment towards Tesla’s car business. Jonas rates shares Buy and has a $310 price target for the stock.

Coming into Thursday trading, Tesla shares were down about 14% year to date. Falling sales have weighed on investor sentiment. Tesla delivered just under 1.3 million cars in the first three quarters of the year, down about 2%. Tesla, however, said Wednesday that it still expects to grow deliveries in 2024, implying fourth-quarter deliveries of at least 515,000 vehicles, a record and better than the roughly 490,000 analysts were projecting.