Tesla’s stock rallies toward a 3-month high as it heads for its 3rd-best year on record despite analyst concerns
Shares of Tesla Inc.
TSLA,
climbed 1.2% in premarket trading Thursday, putting them on track for a three-month high. The electric vehicle giant’s stock has rocketed 112.2% year to date, which would make 2023 its third-best year since going public in June 2010, behind the 743.4% surge in 2020 and the 344.1% rally in 2013. But with the rally, the Wall Street analyst community isn’t broadly bullish about the stock’s prospects. Of the 49 analysts surveyed by FactSet who cover Tesla, 21 (43%) are bullish, while 21 are neutral and 7 (14%) are bearish. The average stock price target of $241.21 implies 7.7% downside from Wednesday’s closing price of $261.44. The biggest bull on Wall Street is Morgan Stanley’s Adam Jonas, who has a $380 price target on the stock. Jonas said his view is based on the idea that Tesla is an artificial intelligence company, as well as an auto company. The stock, which is headed for the highest close Thursday since Sept. 19, is the eighth-best performer in the S&P 500
SPX,
this year, with Nvidia Corp.’s stock
NVDA,
the best at 252.1% and Meta Platforms Inc. shares
META,
second at 209.5%. The S&P 500 has advanced 24.5% this year.
