Wells Fargo raised the firm’s price target on Tesla (TSLA) to $135 from $125 and keeps an Underweight rating on the shares following quarterly results. The firm notes Tesla is up about 5% post market despite a large Q4 auto gross margin miss. Core Auto continues its rough patch. Wells says “Razzle Dazzle” took center stage yet again, with aggressive deadlines and little proper testing. Downside risk is high if things fall apart, it adds.
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