Tesla joined the $1 trillion market cap club on Monday, helping the S&P 500 to a record high and extending Elon Musk's lead as the world's richest man.
Legacy automakers have outperformed this year thanks in part to their updated plans for electric vehicles, but Tesla's stock got a pair of shots in the arm on Monday with a price target hike from Morgan Stanley's Adam Jonas and an announcement from Hertz that it would order 100,000 Tesla vehicles to add to its rental fleet.
Those catalysts come as Tesla has impressed investors with its management of the supply chain issues that are hampering the global economy.
"Wall Street is starting to believe the skyrocketing move with Tesla’s stock price is nowhere near over since Tesla has a massive lead in the EV space and improving growth potential as the US, European and Asian markets for electric cars grows," Oanda senior market analyst Ed Moya said in a note. "Tesla has done well during the global chip shortage that has devastated most car manufacturers. Tesla’s ability to accept alternative chips has provided them with an edge in getting closer to their demand targets."
