It looks like investors aren't going to pull the plug on Tesla (TSLA) stock anytime soon. Tesla rose nearly 5% Wednesday, pushing its market value to above $100 billion in the process. That makes it the second most valuable auto company in the world.
The latest catalyst? Wedbush analyst Dan Ives boosted his price target on the stock. But Ives is still lukewarm on Tesla's prospects. He kept his "neutral" rating on Tesla. And his new target of $550 is below the stock's current price. Tesla is now trading around $575.
But Tesla's electric surge this year (shares are now up nearly 40% already in 2020) has made it more valuable than nearly every other car maker. Tesla is already worth more than General Motors (GM) and Ford (F) -- combined. And Elon Musk's company now has a bigger market value than Volkswagen (VLKAF).
Tesla is still chasing Toyota (TM) though. The Japanese car giant is worth more than $200 billion. So it may be awhile before Musk, who once boasted that he believes Tesla could one day be worth $1 trillion, can brag about having the most valuable car company on the planet.