Tesla (TSLA) is reportedly making another push into India, with local reports indicating that the company is scouting for showroom space in New Delhi. The electric vehicle manufacturer is said to be working with real estate developer DLF to secure prime locations, which signals a renewed interest in the Indian market.
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Earlier this year, Tesla’s plans to set up a manufacturing presence in India hit a pause. Elon Musk postponed a visit to meet Prime Minister Narendra Modi in April, where an investment announcement was expected. Following that, reports suggested that Tesla executives stopped engaging with Indian officials, which led to speculation that the company had shelved its factory plans.
It is worth noting that the Indian government rolled out a $500 million EV policy earlier this year in order to attract companies and position the country as a major EV manufacturing hub. The policy requires a minimum $500 million investment within three years that includes setting up production facilities and launching commercial operations.
Investor Sentiment for Tesla Stock Is Currently Neutral
Separately, the sentiment among TipRanks investors is currently Neutral for Tesla. Indeed, in the last 30 days, 0.5% of those holding the stock decreased their positions, while 0.2% of them increased their holdings during the past seven days.
Interestingly, though, out of the 773,118 portfolios tracked by TipRanks, 11.4% hold TSLA stock. In addition, the average portfolio weighting allocated towards TSLA among those who do have a position is 14.14%. This suggests that investors of the company are very confident about its future. Given that Tesla’s stock has rallied significantly since Trump’s election win, investors could simply be taking some profits or waiting for the current rally to cool off before potentially adding to their holdings.
Is Tesla Stock a Buy, Hold, or Sell?
Turning to Wall Street, analysts have a Hold consensus rating on TSLA stock based on 12 Buys, 13 Holds, and nine Sells assigned in the past three months, as indicated by the graphic below. After a 70% rally in its share price over the past year, the average Tesla price target of $260.55 per share implies 36.14% downside risk.
