Tesla Bull Says Elon Musk Delivered 'Rip The Band-Aid Off' Q1 But Cautions This Could Derail Bullish Thesis
Portfolio Pulse from Shanthi Rexaline
Wedbush analyst Daniel Ives maintained an Outperform rating on Tesla, Inc. (NASDAQ:TSLA) but reduced the price target from $300 to $275 after Q1 earnings. Ives highlighted Tesla's strategy for growth, including a lower cost vehicle planned for 2025, and the importance of execution in the China market. Despite challenges, the bullish thesis is reinforced by Tesla's roadmap, cost cuts, and advancements in full self-driving technology. Tesla's stock rose 11.57% in premarket trading to $161.42.
April 24, 2024 | 12:43 pm
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Wedbush analyst Daniel Ives maintains Outperform on Tesla but reduces price target from $300 to $275, focusing on Tesla's growth strategy and the importance of the China market. Tesla's stock rose 11.57% in premarket trading.
The reduction in price target by a prominent analyst like Daniel Ives, despite maintaining an Outperform rating, indicates a cautious optimism towards Tesla's future performance. The emphasis on Tesla's growth strategy, including the introduction of a lower cost vehicle and the focus on the China market, suggests potential for significant impact on Tesla's stock. The premarket stock price increase reflects positive investor sentiment towards Tesla's strategic direction and Ives' analysis.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100