Tesla stock wards off bear market with boost from UBS

- Advertisement -


Tesla Inc.’s stock broke a four-day losing streak on Tuesday, taking it too close to a bear market after UBS analysts slapped a $1,000 price target on the stock and saw the electric-automaker become the leader of the EV market. Said “The Undisputed Leader”.

- Advertisement -

Tesla shares TSLA,
+4.08%
The trade rose 4.8% to $1,057.67 on Tuesday, before easing to 4.2% in afternoon trading, shaking off weakness that took it closer to $1,009.01 on Monday. It was around $30 before falling into a bear market, as defined by ending at least 20% below the record high. Tesla broke a record $1,229.91 on November 4.

- Advertisement -

Near or below $983.92 would make the bear market “official”. The stock hit a low of $950.50 on Monday, before closing above that range. On November 15, it touched an intraday low of $978.60 before closing at $1,013.39.

Elon Musk says Biden’s $2 trillion, EV-friendly spending bill should not pass.

- Advertisement -

UBS equaled the hold rating on Tesla, but raised its price target on the stock from $725 to $1,000. The average price target for Tesla is $851.09, according to FactSet, which surveyed 41 analysts covering Tesla. Of them, 17 rated the stock as buy, 12 held it, and 12 rated it as sell.

See Toyota chooses North Carolina for $1.3 billion battery plant

Tesla’s stock, which was down 11.9% on Monday amid four days of losses, is up 49% this year compared to a gain of nearly 25% for the S&P 500 index. spx,
+2.06%

Subscribe: Want Intel on All the News Moving Markets? Sign up for all you need to know our daily newsletter.

,

- Advertisement -

Stay on top - Get the daily news in your inbox

DMCA / Correction Notice

Recent Articles

Related Stories

Stay on top - Get the daily news in your inbox