Mon Nov 11 17:48:21 UTC 2024: ## Tesla Stock Surges on Bank of America Upgrade
Tesla’s stock price climbed 5.9% on Friday, fueled by Bank of America’s bullish move. The investment bank upgraded its price target for the electric vehicle maker from $265 to $350, maintaining its “buy” rating.
This optimistic outlook sent Tesla shares soaring, reaching an intraday high of $319.44 before settling at $314.53. Trading volume, however, dipped by 18% compared to the average daily volume.
While Bank of America’s upgrade ignited the surge, Tesla’s stock has been attracting mixed sentiments from analysts.
– **Positive:** Robert W. Baird maintained an “outperform” rating with a $280 price target, while Goldman Sachs increased its price objective to $250, though with a “neutral” rating.
– **Negative:** Morgan Stanley reaffirmed its “overweight” rating with a $310 price target, but UBS Group downgraded the stock to “sell” while raising its price target to $197.
The consensus rating from eight analysts remains “Hold” with a price target of $222.03.
Meanwhile, Tesla’s CFO, Vaibhav Taneja, sold 8,000 shares for $2,000,000, decreasing his ownership by a marginal 0.00%. SVP Xiaotong Zhu also sold 297 shares, representing another negligible decrease in his position.
Several institutional investors have adjusted their positions in Tesla, with Connable Office Inc., Holistic Financial Partners, Integris Wealth Management LLC, Sherrill & Hutchins Financial Advisory Inc, and Echo Wealth Management LLC all increasing their holdings.
Tesla recently reported its quarterly earnings, beating analysts’ expectations with $0.72 earnings per share and $25.18 billion in revenue. The company’s revenue growth was 7.8% compared to the same period last year.
Despite the recent stock surge, investors remain cautious about Tesla’s future. While it enjoys a strong position in the electric vehicle market, it faces competition from established and emerging players.
First Piper 