Tesla price target raised to $313 from $249 at RBC Capital

RBC Capital analyst Tom Narayan raised the firm’s price target on Tesla (TSLA) to $313 from $249 and keeps an Outperform rating on the shares after hosting investors at the company’s Giga Texas facility in Austin. The firm says the sessions gave it increasing confidence in Tesla’s ability to achieve its autonomy goals and highlighted the comparative advantage it has over both legacy internal combustion engine and electric vehicle makers in building cars. While much of the stock’s post-election share price move is “not rooted in fundamentals,” RBC likes Tesla’s risk/reward, the analyst tells investors in a research note. RBC says that while upside to current levels “might be muted” in the near term, longer term, it likes the “secular growth engines” underpinned by Tesla’s full self-driving innovation.