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Citi analyst updates Tesla stock (TSLA)


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You’re here (NASDAQ:TSLA) the stock is moving on Wednesday after Citi analyst Itay Michaeli updated the stocks in a recent research note.

This allowed Citi to move TSLA stock from a “sell” rating to a “neutral” rating. This corresponds to the “holding” rating of the current analyst consensus. This consists of 20 “buy” odds, 11 “hold” odds and five “sell” odds.

To accompany this improved rating, there is an increased price target for TSLA shares. Michaeli raised his price forecast for Tesla stock from $141.33 per share to $176 per share. For comparison, the analyst consensus price target is $278.43.

What’s behind the TSLA stock upgrade?

There’s no denying that this has been a tough year for Tesla. Shares of the company are down 55.7% year-to-date. This is due, in part, to founder and CEO Elon Musk using shares of TSLA to fund his acquisition of Twitter.

However, Michaeli thinks the hindsight has gone far enough. According to him, this has “balanced the short-term risk/reward” for shares of the electric vehicle (EV) company.

Turning to today’s trading, TSLA shares have moved some 18 million shares to date. To put that into perspective, the company’s average daily trading volume is around 75 million shares.

TSLA stock is up 4% on Wednesday morning.

Investors looking for the hottest stock market news will want to stick around!

InvestorPlace is home to all the latest stock information traders need to know on Wednesday! Among these is that which has shares of Deere (NYSE:OF), Manchester United (NYSE:MANUAL) and Polestar Automotive (NASDAQ:PSNY) stock in motion. You can read more about these issues at the following links!

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As of the date of publication, William White had no position (directly or indirectly) in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Publication guidelines.

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