Tesla (TSLA) has been upgraded by Stifel Nicolaus from a “Hold” to a “Buy” rating earlier this morning. James Albertine, analyst for the firm, set an aggressive price target at $400/share. According to Albertine, ”TSLA appears to have carved out a defensible niche in the global market for luxury electric vehicles, and based on our recent tour of the Fremont, CA, facility, a sizable head start with respect to production. The key risk remains demand, in our view, but given (a) competitors’ apparent unwillingness to fully invest (resources/managerial autonomy), and (b) TSLA’s brand resilience in spite of high-profile accidents/fires/recalls, it seems demand deceleration may be a late decade call at the earliest.” Shares of Tesla gained 2.9% to $277.42 in morning trading.
TSLA tested into the Ichimoku cloud at around $275.40 this morning, and has continued to soar higher, with all indicators suggesting neutral to bullish outlook on the stock. There are no resistance levels to the upside, and based on the chart, our trader’s outlook on TSLA is neutral to bullish, with a price target at around $350.
Facebook
Twitter