The rise increased the market value of the Electric Vehicles manufacturer by a record $23 billion.
Tesla shares soared 19.9% on Monday after Argus Research raised its price target to $808 from $556 – the biggest one-day jump for the company since May 2013.
The firm’s analysts cited Tesla’s strong fourth-quarter financials, which exceeded Wall Street’s expectations last week. It also raised its earnings per share estimate to $8.01 from $5.96 and expects that to double by 2021. Tesla’s market cup currently stands at just over $140 billion.
The company had sold 2,550 Model 3 cars and 19,450 Model S and X vehicles during the fourth quarter. It was also expected to deliver 87,900 Model 3, 9,800 Model S and 9,300 Model X vehicles.