Tesla rallies after Canaccord upgrades rating, says it is like Apple

By Noel Randewich
FILE PHOTO A Tesla car is seen in Los Angeles California U.S. July 9 2020. REUTERSLucy Nicholson

FILE PHOTO: A Tesla car is seen in Los Angeles, California, U.S., July 9, 2020. REUTERS/Lucy Nicholson

(Reuters) - Shares of Tesla climbed 3% on Monday after Canaccord Genuity raised its rating on the electric car maker to "buy" and compared its brand to Apple.

Canaccord Genuity analyst Jed Dorsheimer upgraded Tesla to "buy" from "hold" and increased his price target to $1,071, the second highest among 37 analysts tracked by Refinitiv.

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