Tesla upgraded to Reduce from Sell at Phillip Securities

Phillip Securities upgraded Tesla (TSLA) to Reduce from Sell with a price target of $230, up from $135. The company reported a “nice surprise” in Q3, but headwinds are still present, the analyst tells investors in a research note. However, the firm cities stronger contributions from Tesla’s energy and services businesses for the upgrade. It is still cautious on the shares while awaiting “clarity on still present near-term volume and margin headwinds.”