: Tesla’s stock pulls back slightly, a day after soaring to add about $80 billion to the EV maker’s market cap

Shares of Tesla Inc. TSLA pulled back 0.6% in premarket trading Tuesday, a day after the electric vehicle maker’s market capitalization ballooned by $79.6 billion on the back of an analyst upgrade. So far in Tuesday’s premarket session, Tesla’s stock has been down as much as 1.2% and down as little as 0.4%. On Monday, the stock had run up $25.08, or 10.1%, the biggest one-day percentage gain in eight months, and enough to break through recent technical resistance into bull-market territory. The stock’s rally came after Morgan Stanley’s Adam Jonas, who JonesTrading’s Mike O’Rourke called “arguably the most widely followed Tesla analyst” on Wall Street, said it was time to buy the stock and boosted his price target to a Street-high $400. Also helping fuel investor optimism, Tesla’s auto-making rivals were facing a likely labor strike this week. The stock has gained 9.5% over the past three months through Monday, while the S&P 500 SPX has gained 3.4%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.