Rolls-Royce shares have now trebled this year to hit highest level since 2019
Rolls Royce shares competed at the highest level for more than four years.
And they have now more than tripled since 'Turbo' Tufan Erginbilgic became CEO of the engineer at the beginning of this year.
The Derby-based giant is the best-performing stock in the FTSE 100 yet in 2023 – and is on track for its best year since listing in London in 1987.
Shares rose a further 3.1 per cent, or 8.7p, to 285.4p yesterday, taking year-to-date gains to 206 per cent and valuing the company at more than £24bn.
It is a major vote of confidence in Erginbilgic's leadership, less than a year after he took over.
Takeoff: Rolls-Royce shares have more than tripled since 'Turbo' Tufan Erginbilgic became the engineer's CEO early this year
Rolls-Royce underperformed for years under previous bosses and nearly went bankrupt during the pandemic.
Former BP chief executive Erginbilgic took over in January and warned that Rolls-Royce had 'not acted for a long time'.
Erginbilgic, 64, last week unveiled a strategy to boost profits to £2.8 billion by 2027, up from last year's £652 million.
Brokers at JP Morgan upgraded Rolls-Royce shares from neutral to overweight with a price target of 400p, up from 235p.
And Goldman Sachs restored a buy rating and a price target of 370p.
Goldman Sachs analysts said: “Investors are wondering if expectations are too high. We don't think so.'