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Published: June 9, 2023 at 6:53 a.m. ET

Tesla Inc.s stock was on track to rise for the 11th straight session as the company won praise for its move to ink a charging agreement with rival General Motors Co.

Shares of Tesla TSLA were up 4% in Fridays premarket action, following the announcement that owners of GM GM vehicles would be able to access 12,000 Tesla Superchargers in North America. That arrangement would mirror a similar one between Tesla and Ford Motor Co. F that was inked earlier.

Teslas...

Tesla Inc.s stock was on track to rise for the 11th straight session as the company won praise for its move to ink a charging agreement with rival General Motors Co.

Shares of Tesla TSLA were up 4% in Fridays premarket action, following the announcement that owners of GM GM vehicles would be able to access 12,000 Tesla Superchargers in North America. That arrangement would mirror a similar one between Tesla and Ford Motor Co. F that was inked earlier.

Teslas openness to allowing competitors onto its network shows the company is playing chess while others are playing checkers, according to Wedbush analyst Daniel Ives, as he lifted his price target on the stock to $300 from $215 and added the name to Wedbushs best ideas list.

See also: Tesla Model 3s now qualify for $7,500 in federal tax credits

For Tesla, we believe this is a large monetization opportunity for the company in its supercharger story, adding to its growing sum-of-the-parts valuation that we now peg at $300 per share with its developing energy business along with its well-established EV machine, Ives wrote in his note to clients.

By his math, Ford and GM in aggregate could contribute another $3 billion to Teslas EV charging revenue over the next few years.

Read: U.S. car sales are stronger than a year ago, but rising interest rates could hit demand

Tesla shares were tracking toward a rally for the 11th trading session in a row, which would mark the companys longest winning streak since Jan. 8, 2021, when it advanced for 11 straight trading days, according to Dow Jones Market Data. Teslas stock has increased 27.4% over its current 10-session streak of regular-session gains.

The arrangement with Tesla made sense for GM too, according to Ives. This was a smart partnership by GM and Barra as the Detroit stalwart is laying the foundation for a successful EV transformation over the next decade, he wrote in his note to clients. GMs stock was up more than 3% premarket Friday.

Dont miss: Rivian stock has clear opportunity to pull ahead, Barclays says

And as for Tesla, Ives saw other positive developments on the horizon, writing that the company looks on pace to meet its delivery target for 1.8 million units this year, and should be able to do it with a margin story that troughs over the next 1-2 quarters and ramps back up into fiscal 2024. Plus, the companys Nevada battery production could represent a strategic advantage for the company, and the forthcoming Cybertruck launch could help growth.

See also: ChargePoint, EVgo stocks fall after Tesla and GM ink charging deal

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Tesla's stock rises toward 11th straight gain as company seen 'playing chess while others are playing checkers' - MarketWatch