UBS analyst Patrick Hummel said that while he believes the surge higher "may be overdone," it does show three things: the market believes EVs are the future and that Tesla will be a leader, autonomous driving will be another area of growth for the company, and that Tesla "could tap the market at almost zero cost of equity if needed." 11 after the market closed, shares are up about 45%, despite the fact that stock splits are purely cosmetic. The stock's seemingly unstoppable run to new highs has confused investors and analysts alike, especially since the recent leg higher kicked off after the company said it was enacting a five-for-one stock split. The move follows a 6.56% gain on Thursday, which pushed shares above $2,000 for the first time. Tesla shares jumped 2% during premarket trading on Friday, putting the stock on track to open at a new all-time high.
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