Tesla’s recent price weakness a ‘buying opportunity’, says Argus

Argus keeps a Buy rating and $286 price target on Tesla, saying the stock’s post earnings sell-off represents a “buying opportunity”. The firm is also lowering its FY24 EPS view by 12c to $2.45 and its FY25 view by 19c to $3.32 to reflect weaker demand trends in the EV industry, but believes this to be a “temporary situation”, adding that the dominance in the U.S. market by Tesla will continue for a long time, the analyst tells investors in a research note. Commentary from Tesla that kept the firm in the “bullish” camp included plans to start production on a new “low-cost” affordable EV model at $25K-$30K, which would be a “positive step forward” to help the company expand their EV dominance, Argus added.