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meteoric rise this year, which has seen shares surge 92%, many on the Street, including Evercore ISI, are saying the stock has become detached from its fundamentals. On Friday the firm reiterated its underweight rating on Tesla, while raising its target from $250 to $550, which is 32% below where the stock currently trades.
The firm acknowledged that it missed out on the stock's steep rise, saying the surge "leaves us believing TSLA has 'run-over' the shorts ," but argued that at this point it has also "out-run fundamentals."
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