From 24/7 Wall St. · David Moadel · · 50s
Tesla Rises 6% as Barclays Upgrade Cites SpaceX Merger Potential
Barclays upgrade lifts Tesla 6% as SpaceX merger potential sparks market split.
In brief
Barclays upgrade lifts Tesla 6% as SpaceX merger potential sparks market split. Tesla stock rises 6% after Barclays upgrades it to Overweight citing potential SpaceX merger premium, while Lucid drops 4% and Rivian slips 2%. Originally reported by 24/7 Wall St..
Barclays Upgrade
Barclays upgraded Tesla stock to Overweight from Equal Weight and raised price target to $450.
“Barclays analyst Dan Levy upgraded Tesla stock to Overweight from Equal Weight and raised his price target to $450”
Tesla Stock Rises
Tesla stock up 6% to $394.72 as merger premium enters market valuation.
“Tesla stock is up 6%, trading at $394.72, a gain that pushes a possible takeover premium into how the market values the car maker”
Lucid Drops
Lucid Group stock down 4% to $3.38 as it moves opposite Tesla rally.
“Lucid Group stock is down 4% to $3.38, moving in the opposite direction from the rally in Tesla stock”
Rivian Slips
Rivian Automotive shares slip 2% to $11.64 with softer decline than Lucid.
“Rivian Automotive shares are slipping 2% to $11.64, a softer decline than the drop in Lucid stock that still lands on the losing side of the split”
SpaceX Merger Potential
Elon Musk confirmed Tesla and SpaceX formed independent committees to explore combination.
“Last week, Tesla CEO Elon Musk confirmed that the two companies had formed independent committees to explore a combination”
Merger Uncertainty
Musk’s caution keeps SpaceX merger outcome open as Tesla stock rally reflects partial optimism.
“Musk’s caution matters, since part of the Barclays case leans on an outcome the two companies haven’t agreed to”
Here's the gist
Tesla stock rises 6% after Barclays upgrades it to Overweight citing potential SpaceX merger premium, while Lucid drops 4% and Rivian slips 2%.
