Tesla stock pops on analyst upgrade, software updates
Tesla cars charge at a Tesla Supercharger station in Pasadena, California, March 30, 2026.
Justin Sullivan | Getty Images
Tesla stock rose more than 6% on Wednesday after UBS analysts upgraded their rating on the stock from sell to hold, and increased their price target by about a dollar to $352.
Flipping from a previously bearish outlook, UBS analysts led by Joseph Spak wrote in their upgrade note out Tuesday that news Tesla is working on a new, smaller SUV is a “welcome development,” given the firm’s view that Tesla’s current light-duty vehicle offerings are “too limited.”
The company’s lineup currently includes its Model 3 sedan, Model Y SUV and angular steel Cybertruck. The company has stopped selling its flagship Model S and X vehicles in order to transition part of its Fremont, California factory to produce its humanoid robot, Optimus, now in development.
The rising share price also comes after Tesla launched the Spring update for its in-vehicle software, including features that make it easier for customers to subscribe to the company’s premium, Full Self Driving (Supervised) option, and to view statistics in their touchscreens about how often they are using its features.
CNBC’s Michael Bloom contributed to this report.
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