Tesla Tops $350 For The First Time Ahead Of Shareholder Meeting

Tesla Inc TSLA shares broke through the $350 level for the first time on Tuesday ahead of the company’s annual shareholder meeting this afternoon. Tesla continued its incredible 2017 momentum heading into the highly-anticipated release of the Model 3, which is expected to begin production this summer.

Tesla stock rose nearly 3 percent ahead of the meeting, boosted by a price target hike from Pacific Crest. Analyst Brad Erickson said the new $439 bull case scenario price target for Tesla is all about the Model 3.

Related Link: No Follow-Through Rally For Ford After Leadership Change

On Monday, Tesla CEO Elon Musk offered shareholders a bit of a preview of Tuesday’s meeting when he answered a handful of questions on Twitter. Musk told followers he anticipates it would take four or five Gigafactories to match the current output of Ford Motor Company F’s nearly two dozen global factories. In addition, Musk hinted that Tesla intends to spread its global presence by building factories closer to end user markets. Tesla recently refuted reports that it's planning to build a factory in Guangdong Province in China.

Tesla’s shareholder meeting will take place at 5:30 p.m. ET Tuesday at the Computer History Museum in Mountain View, CA.

The market seems to be anticipating some positive updates on the Model 3 or even some insight into Tesla’s plans for an electric truck model, plans for SolarCity or even potential locations for future Gigafactories.

Also giving Tesla's stock a boost was news that Nevada regulators passed a bill to restore net metering for rooftop solar sales.

Traders will be watching to see if Tesla can maintains its bullish momentum with the stock’s RSI already at the overbought level of 73.4.

With less than one hour to trade in the regular trading session, the stock was hovering around $358 per share.