Tesla stock price hits fresh record highs. Wall Street analyst weighs in

Shares of Tesla (NASDAQ: TSLA) soared 3.4% Monday after the company reported it delivered 499,500 cars to its customers in 2020. Wall Street analysts believe that investors will now place their focus on margins.

Fundamental analysis: Strong demand recorded in December 

Tesla, the world largest producer of electric cars, said it delivered 180,570 units in the fourth quarter. For 2020, Tesla managed to deliver 499,500 cars to its customers. This is slightly lower than a target of 500,000 set by its founder and CEO Elon Musk. 

Tesla officially became a part of the S&P 500 index last month. Cowen analyst Jeffrey Osborne believes that the latest delivery numbers shift the focus from output to margins.

He adds that Cowen is taking a long-term outlook on Tesla stock.

Technical analysis: Bull run continues

Tesla share price gained 3.4% yesterday to start the New Year higher. This way, Tesla investors have ignored the overall bearish sentiment in US equities present on Monday and push the price action to fresh all-time highs. 

Tesla stock price is now likely to head towards $785.00, where the 261.8% Fibonacci extension line is located. On the downside, the previous all-time high of $695.00 will now act as support in the near-term.

Summary

Tesla stock price rose a further 3.5% this week after the company reported another impressive set of delivery numbers for December.