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Dec. 3, 2020, 6:30 a.m. EST

Tesla climbs as Goldman lifts rating to buy and price target to $780

Tesla (NAS:TSLA) shares rose over 3% to $586 in premarket trade as Goldman Sachs upped the electric vehicle maker to buy from neutral and lifted its price target to $780 from $455. The investment bank said the shift toward battery electric vehicle adoption is accelerating, due to falling battery prices and an increase in regulatory proposals to limit or ban the sale of internal combustion engine vehicles. Tesla's integrated model will help it sustain a leadership position in the electric vehicle market, the analysts said. Goldman also increased price targets on Ford (NYS:F) , to $9 from $8, and on General Motors (NYS:GM) , to $52 from $46.

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