Tesla's (NASDAQ: TSLA) market cap hit $1 trillion on Monday as the electric vehicle maker's shares hit $995.75 per share for the first time. Shares were bolstered by news that it signed a $4.2 billion deal to supply car rental company Hertz with 100,000 Tesla vechiels. In addition, Morgan Stanley analyst Adam Jonas lifted his price target to $1200.

Tesla is only the fifth U.S. company to hit the trillion-dollar milestone, joining Apple, Microsoft, Amazon, and Alphabet.