Shares of electric vehicle maker Tesla, Inc. TSLA have been on a roll since the start of May. On Monday, the stock rose for a 12th straight session, breaking the previous record run of 11-session gains notched up in early 2021.
In premarket trading, Tesla rose 0.76% to $251.74, according to Benzinga Pro data.
The most recent catalyst that has been driving the stock higher is the Elon Musk-led company’s charging infrastructure partnership with legacy automakers General Motor Corp. GM and Ford Motor Co. F.
Commenting on the partnership, former Ford CEO Mark Fields told CNBC said Tesla has a knack for getting revenue out of its competitors.
See Also: Everything You Need To Know About Tesla Stock
Future Fund’s Gary Black expects estimate rerating ahead of Tesla’s June quarter results. This would nudge up the price targets of sell-side firms over the coming sessions, he said.
Wedbush analyst Daniel Ives recently hiked his price target from $210 to $300, citing Tesla’s “golden EV success story” that is still in the early days.
If consumer price inflation data comes in benign, Tesla could take aim at the next resistance level around $270, and push toward the next barrier around the $300 area.
Read Next: Time For Tesla Financial Services? Morgan Stanley Analyst Thinks Now Is The Right Moment
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