Tesla's Surge Propels 10 ETFs, And Cathie Wood's ARKK Isn't Top Gainer
Portfolio Pulse from Piero Cingari
Tesla's stock soared by over 10% on Monday, increasing the company's market cap by $80 billion. The surge was driven by Morgan Stanley's analyst Adam Jonas upgrading Tesla's stock from Equalweight to Overweight and hiking the price target from $250 to $400. The optimism is rooted in the potential of Tesla's Dojo supercomputer, which could add $500 billion to Tesla's enterprise value. ETFs with significant Tesla exposure also saw gains, with The Meet Kevin Pricing Power ETF (NYSE:PP) leading the pack with a 3.2% surge.
September 11, 2023 | 8:11 pm
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
Ark Innovation ETF, which has a significant Tesla allocation, also benefited from Tesla's stock surge.
The ETF's significant Tesla allocation makes it highly sensitive to changes in Tesla's stock price.
CONFIDENCE 100
IMPORTANCE 80
RELEVANCE 80
POSITIVE IMPACT
The Meet Kevin Pricing Power ETF, which has a significant Tesla allocation, surged by 3.2% following Tesla's stock surge.
The ETF's significant Tesla allocation makes it highly sensitive to changes in Tesla's stock price.
CONFIDENCE 100
IMPORTANCE 80
RELEVANCE 80
POSITIVE IMPACT
Tesla's stock soared by over 10% following an upgrade by Morgan Stanley's analyst. The potential of Tesla's Dojo supercomputer is expected to add significant value to the company.
The upgrade by Morgan Stanley's analyst and the potential of Tesla's Dojo supercomputer are significant positive factors for Tesla's stock.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100