Tesla (NASDAQ:TSLA) stock is on the move Wednesday after Citi analyst Itay Michaeli upgraded the shares in a recent research note.
This has Citi boosting TSLA stock from a “sell” rating to a “neutral” rating. This matches the current analysts’ consensus “hold” rating. That’s made up of 20 “buy” ratings, 11 “hold” ratings and five “sell” ratings.
To go along with that upgraded rating is an increased price target for TSLA shares. Michaeli boosted his price prediction for Tesla stock from $141.33 per share to $176 per share. For comparison, the analysts’ consensus price target is $278.43.
What’s Behind the TSLA Stock Upgrade?
There’s no denying this has been a rough year for Tesla. The company’s shares are down 55.7% year to date. That’s due, in part, to founder and CEO Elon Musk using shares of TSLA stock to fund his acquisition of Twitter.
However, Michaeli believes the pullback has gone far enough. According to him, this has “balanced out the near-term risk/reward,” for the electric vehicle (EV) company’s shares.
As far as today’s trading goes, TSLA stock has moved some 18 million shares as of this writing. To put that in perspective, the company’s daily average trading volume is about 75 million shares.
TSLA stock is up 4% as of Wednesday morning.
Investors seeking more of the hottest stock market news will want to stick around!
InvestorPlace is home to all of the most recent stock news traders need to know about on Wednesday! Among that is what has shares of Deere (NYSE:DE), Manchester United (NYSE:MANU) and Polestar Automotive (NASDAQ:PSNY) stock on the move. You can find more on these matters at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
