Tesla's stock is moving towards another record. Deutsche Bank raises the target, but does not recommend buying it

<pre><pre>Boeing, Travelers' losses have contributed to Dow's 75-point decline

Shares in Tesla Inc.

TSLA, + 2.75%

rose 3.1% on Tuesday to another record high in premarket trading after Emmanuel Rosner, the youngest analyst at Deutsche Bank, raised its target price. He led an improved global automotive market that was underscored by the potential strength in China, although his new target remained well below current rates. Rosner repeated his hold rating, but raised his target from $ 290 to $ 455, 13% below the closing price of $ 524.86 on Monday. No fewer than 13 of the 32 analysts who contribute estimates to FactSet raised their targets in January, raising the average from $ 334.07 in late December to 375.01-29% below Monday's closing price. After a 6% decline in global automotive production in 2019, he expects production to decrease by only 1% in 2020. "Conversely, we believe that auto demand in China could offer a potential upside risk versus our base case." Tesla's stock rose 25.5% this month, hitting 5 record closings. It has more than doubled in the past three months (up 104.3%) during the S&P 500

SPX, -0.03%

gained 10.9%.