From Nasdaq: 2024-05-03 08:28:00

Tesla’s stock, once the worst in the S&P 500 this year, has surged following earnings and a visit to China by CEO Elon Musk, breaking a downtrend and reclaiming key moving averages.

Despite a significant drop in revenue and profit margins, Tesla’s shares rose over 13% after the earnings report. Investors were encouraged by plans to launch more affordable vehicles using existing manufacturing lines.

Tesla’s sentiment before earnings was low, leading to a surge after the report. Analysts have upgraded the consensus rating from reduce to hold, though the price target has decreased month over month.

Evercore ISI reduced Tesla’s target to $145, Wedbush reiterated outperform with a $275 target, and Cantor Fitzgerald initiated coverage with an overweight rating and $230 target on the stock. Each forecast varied significantly in potential upside or downside.



Read more at Nasdaq:: The Latest Development’s Driving Shares of Tesla Higher