CNBC’s Jim Cramer extended high praise to Elon Musk on Monday, calling the Tesla CEO “the new face of an auto executive” and extolling the enjoyment of riding in one of the company’s electric vehicles.
“Your car becomes an exciting, an exciting place to be,” Cramer said on “Squawk on the Street,” just after Monday’s open on Wall Street. Tesla shares later soared above $500 each for the first time and closed up 9.8% at $524.86.
The stock is continuing its torrid start to the year — up more than 20% already in 2020 and up more than 100% since late September — behind a groundswell of optimism around the company’s entrance into the Chinese market.
Reflecting that outlook, Oppenheimer on Monday raised its price target by nearly 60% to $612 per share. For now, that makes Oppenheimer the biggest bull among Wall Street’s traditional firms.
“We believe the company’s risk tolerance, ability to implement learnings from past errors, and larger ambition than peers are beginning to pose an…