Tesla Motors Inc. rose for a fourth straight day, its longest streak since February, as the maker of electric cars prepares to begin delivering Model S sedans and Goldman Sachs Group Inc. raised its price target for the shares.
The stock gained 5.3 percent to $33.78 at close in New York. Goldman Sachs today set a six-month target of $50, up from $36, for the Palo Alto, California-based company’s shares. Tesla has climbed 18 percent this year.
“We see significant positive catalysts ahead,” Patrick Archambault, a Goldman Sachs analyst in New York who recommends buying Tesla shares, said in a report. He said the Model S, the Model X sport-utility vehicle planned for 2013 and Tesla’s next-generation model could push the company’s annual production to more than 90,000 vehicles by 2017.
Tesla, led by PayPal Inc. co-founder Elon Musk, has said deliveries to consumers will start June 22 for the Model S, its first vehicle to be designed and built in-house. The sedan has a range of as far as 300 miles (483 kilometers) per charge and a base price of $57,400, half that of Tesla’s Roadster, a battery-electric sports car made under contract with Group Lotus Plc that debuted in 2008. Roadster sales ended earlier this year.
The Model S is being built at Tesla’s Fremont, California, plant, which previously was a joint venture owned by Toyota Motor Corp. and the predecessor of General Motors Co. Toyota, Daimler AG and Panasonic Corp. are investors in Tesla.