Wells Fargo notes that Tesla (TSLA) reportedly “cleared a large hurdle” in its plans to bring its Full Self Driving, or FSD, offering to China, seemingly conditioned on a partnership with Baidu (BIDU). However, the firm was “surprised by the big move” given that it sees limited EPS impact and that the deal details are uncertain, so it calls the move up in shares “likely overdone.” Wells has an Underweight rating and $120 price target on Tesla shares.
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