Apple Inc. (NASDAQ:AAPL) and Tesla Motors Inc (NASDAQ:TSLA) continue to be two of Wall Street’s hottest stocks today. Apple is still riding high on the heels of its iPhone launch, while Tesla appears to have recovered from last week’s disastrous news about a Model S fire.

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Apple gets a big upgrade from Jefferies

One of the factors that may be driving Apple Inc. (NASDAQ:AAPL) shares today is an upgrade from Peter Misek of Jefferies. He upgraded it from Hold to Buy and increased his price target for the stock from $425 to $600 a share. The analyst said the company’s gross margins will be better than expected, citing checks of Apple Inc. (NASDAQ:AAPL)’s suppliers.

He also said shares of Apple Inc. (NASDAQ:AAPL) will continue to rise ahead of next year’s iPhone 6, which he believes will have a larger 4.8-inch screen. Today Apple Inc. (NASDAQ:AAPL) shares have been one of the S&P 500 (INDEXSP:.INX)’s top gainers.

Tesla puts Model S fire in the rear view mirror

Last week shares of Tesla Motors Inc (NASDAQ:TSLA) took a nosedive as investors became concerned when video and photos of a Model S fire surfaced. However, the stock bottomed out on Friday and gained as much as 1.5 percent today. Tesla defended its safety record and the fact that last week’s fire was the very first reported one in a Model S.

Interestingly enough, the driver of the Model S which caught fire says he can’t wait to get another one of Tesla Motors Inc (NASDAQ:TSLA)’s vehicles. He said he was impressed with how the vehicle handled the incident. It happened when his car struck a metal object in the middle of the road. The Model S detected the collision and began running tests. It then alerted the driver that something was wrong and that he should exit the vehicle. After he exited the car, the fire started, so he had plenty of time to get out of it safely.