Goldman says Tesla shares soar 9% amid tech rebound
Elon Musk, CEO of Tesla, speaks during a meeting with Chinese Prime Minister Li Keqiang (not pictured) at the Zhongnanhai leadership site in Beijing on January 9, 2019.
MARK LEGBONE | AFP | Getty Images
Tesla stock rose more than 9% on Monday amid a broad-based recovery in the tech sector, and as Goldman Sachs said, demand is picking up in China.
"Tesla's worldwide weekly app downloads were recently tracked year-over-year, with the last full week of global data up about 20% year-over-year," the company said in a statement to customers on Monday, noting that the The company typically has "much stronger deliveries in the last month of each quarter".
Still, the company has a neutral rating on shares of the Elon Musk-led company and a 12-month price target of $ 295.
Monday's move continues a period of volatility for the stock as it swings between strong gains and losses. Last Tuesday, stocks fell 21% for their worst day in history after the S&P Dow Jones Indices decided not to include the stock in the S&P 500. The very next day the share rose by almost 11%.
Monday's move also followed strength in the broad technology sector. The Nasdaq Composite was up 2% after its worst week since March. Apple grew more than 2%, while Amazon, Microsoft and Alphabet each grew more than 1%.
Tesla shares are up around 380% this year, but are also around 20% below their record high from September 1.
In addition to being excluded from the S&P 500, stocks have come under pressure after the company announced it would raise $ 5 billion through a new stock offering and after the company's largest outside shareholder trimmed its position.
– CNBC's Michael Bloom contributed to the coverage.
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