Tesla (TSLA – Research Report), the Consumer Cyclical sector company, was revisited by a Wall Street analyst yesterday. Analyst George Gianarikas from Canaccord Genuity maintained a Buy rating on the stock and has a $404.00 price target.
George Gianarikas has given his Buy rating due to a combination of factors that suggest potential growth for Tesla despite current challenges. He acknowledges the recent decline in Tesla’s sales figures in key markets like Germany and China, as well as the overall stock market weakness, which have contributed to a pullback in Tesla’s stock price. However, he interprets these issues as temporary, influenced by factors such as consumers delaying purchases to wait for the new Model Y and production limitations due to factory retooling.
Gianarikas believes that these short-term obstacles are not indicative of a long-term decline in Tesla’s momentum. He suggests that the current environment, while complex, presents an opportunity for investors. The analyst’s perspective is that the market may be misinterpreting these temporary setbacks, and he sees potential for Tesla’s stock to rebound as these issues are resolved and production normalizes.
In another report released today, Wedbush also maintained a Buy rating on the stock with a $550.00 price target.
Based on the recent corporate insider activity of 40 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of TSLA in relation to earlier this year.
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