Tesla Shares Jump 6% Following Barclays Upgrade to Overweight and $450 Target

Tesla shares rallied over 6% to reach $394.72 on Monday after Barclays upgraded the electric vehicle maker to Overweight from Equal Weight and raised its price target to $450 from $370. Barclays cited potential upside from an explore-stage merger with SpaceX, improving core automotive operations, Robotaxi momentum, and expanding Full Self-Driving adoption. Earlier, shares had gained about 2% in premarket trading to $379.69 following Friday's close at $372.22. Mizuho also raised its price target to $460, while rival electric vehicle makers Lucid and Rivian fell 4% and 2%, respectively.