
Citi Upgrades Tesla Shares from ‘Sell’ to ‘Neutral’, TSLA Stock Up Nearly 8%
Tesla got an elevation by Citi on its shares rating on Wednesday after hitting a 52-week intraday low on Tuesday.
Tesla got an elevation by Citi on its shares rating on Wednesday after hitting a 52-week intraday low on Tuesday.
Tesla as one of the highest valued tech stocks in the United States has taken a very massive beating in recent times, plunging by as much as 27% in the year-to-date period.
A 27% decline in sales within a month shows a decreasing demand for Tesla products in China amid increased competition from local electric vehicle companies.
Initially, Tesla was planning to launch the production at Berlin Gigafactory in July 2021. However, now, because of battery issues and regulatory challenges, another date is set.
In its Q1 2021 results, Tesla stated that it has liquidated 10% of its total holdings in Bitcoin netting a positive income of $101 million. The company also revealed good delivery numbers while addressing issues with semiconductor and hardware supplies.
It is expected that the anticipated entry into the Indian market as well as its proposed self-driving taxis are a good sign that may help justify the current Tesla stock price.
With stellar results for the first quarter of this year, analysts have turned bullish and upgraded the Tesla stock price expecting returns of 40-60% by the end of this year.
Despite the gloomy EV deliveries in the EU, Wedbush Analyst Dan Ives believes the best days for Tesla are yet ahead and gives the stock a new 12-month price target of $950.
Tesla is planning to expand its operations in Asia’s second-largest economy and has already registered an office in India. The company is likely to start manufacturing its cars already in 2021.
TSLA stock price corrected as markets remained under pressure on Monday. However, Bofa Securities analyst still remains bullish on TSLA stock saying that it can enter an upward spiral anytime soon.
TSLA stock rallied 4% on the first day of 2021 as Tesla managed to hit a milestone of 500,000 Tesla cars produced in 2020. At above $700 billion market cap, Tesla is now the sixth-most valuable company in the world.
Tesla has announced its plans to enter the Indian market early next year, but not next month as Elon Musk previously noted.
Tech giant Tesla Inc made its S&P 500 debut. This comes at a time when a new, more infectious strain of the coronavirus is shaking markets globally.
With the company locked in the S&P 500 index, some analysts expect the Tesla management to further split the shares to secure a position in the Dow Jones index next year.
Nio has delivered 36,721 electric vehicles since the calendar flipped in January 2020. Hereby representing a rise of approximately 111.1% year-over-year.