TD upgrades Tesla to Buy with analyst change after selloff

TD Cowen upgraded Tesla (TSLA) to Buy from Hold with a price target of $388, up from $180, after assuming coverage of the name. The firm sees merits in both the bull the bear case for the stock, but ultimately comes out “tactically bullish” given the recent share price pullback coming “ahead of several potentially consequential catalysts this year.” Tesla’s “potentially game-changing level catalysts” across electric vehicles, autonomous vehicles and robotics are robust enough to tilt the stock’s risk/reward favorably with the shares pulling back meaningfully from recent highs, the analyst tells investors in a research note.