Tesla Posting Notable Gain On Upgrade By Jefferies

(RTTNews) - Shares of Tesla Inc. (TSLA) have pulled back off their best levels of the day but continue to see notable strength in afternoon trading on Friday. After reaching a four-month intraday high, Tesla is currently up by 3 percent.

Tesla showed a strong move to the upside early in the session after Jefferies upgraded its rating on the electric car maker's stock to Buy from Hold.

"Tesla should continue to stand out with broader price points, battery security of supply, product edge and a brand that transcends the volume/premium divide," Jefferies analyst Philippe Houchois said.

He added, "In short, in the year ahead we think only Tesla will avoid a volume zero-sum-game or negative margin trade-off in EVs."