(Bloomberg) -- Tesla Inc. rose the most in over a week, adding about $43 billion back onto its market value, as electric-vehicle makers surged amid the biggest rally in stocks in months.
Tesla, which lost 6.2% last week and extended its decline Monday to briefly fall over 20% from its early November high, helped lift sentiment for other EV producers. UBS Group AG boosted its price target to $1,000 from $725 and said the company is “cementing” its leadership as the electric-vehicle market takes off. Tesla shares rose 4.2% to about $1,052.
“Tesla is likely to continue beating consensus expectations also in 2022 in terms of top line growth and margins, in a global EV market that keeps accelerating rapidly,” UBS analyst Patrick Hummel, who has a neutral rating on the stock, wrote in a note.
Among EV makers, top performers included Lordstown Motors Corp., which rose 5.9%, and Nikola Corp., which gained 4.2%. Charging firm Blink Charging Co. climbed 3.4%.
The tech-heavy Nasdaq 100 index gained 3% on Tuesday, and Tesla was one of the biggest contributors to its advance.
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