Tesla price target raised to $270 from $235 at Barclays

Barclays analyst Dan Levy raised the firm’s price target on Tesla (TSLA) to $270 from $235 and keeps an Equal Weight rating on the shares. The post-election rally in the shares is largely on a stronger narrative and technical factors as Tesla’s fundamentals are relatively unchanged, the analyst tells investors in a research note. The firm says the company’s “Elon Premium” is a key portion of the share rally, exacerbating its “key man risk.” The Trump administration policy changes are likely neutral-to-negative for Tesla’s auto and energy business, but beneficial to its to autonomous vehicle efforts, contends Barclays.