Shares of electric-car maker Tesla (NASDAQ:TSLA) are soaring on Monday, up about 9.6% as of 12:23 p.m. EDT.
The stock's big jump is likely fueled by a combination of some bullish analyst commentary, progress on construction at the automaker's factory in Shanghai, and CEO Elon Musk's teaser of an upcoming event.
Before the stock market's long weekend, Oppenheimer analysts dubbed Tesla stock a "Triple Play," noting that it not only appears undervalued but also has positive technical support and looks poised to benefit from broader-market tailwinds, including Oppenheimer's expectation for U.S. large-cap growth stocks to see outperformance in the months ahead as the overall market rebounds from a sell-off. Oppenheimer analyst Colin Rush reiterated an outperform rating for the stock and a $684 12-month price target.
Additionally, new drone footage highlighted by Electrek shows a massive expansion to the company's factory in Shanghai, confirming that Tesla is likely planning to add additional manufacturing capacity at the site.
Finally, CEO Elon Musk tweeted early Monday morning that the company's upcoming talk with analysts will focus primarily on batteries. "There's a lot to talk about just on the battery front," Musk said.
Tesla's investor day, originally scheduled for April, has been pushed out to mid-May because of the coronavirus, but Musk admitted that the current situation makes predicting dates for events difficult.
Not all recent news on Tesla from analysts is positive. Bernstein analyst A.M. Sacconaghi lowered his price target for Tesla stock to $500, down from $730. The analyst believes that auto demand could take three to five years to recover from a recession.