Why Tesla (TSLA) Shares Are Trading Higher Today - Tesla (NASDAQ:TSLA)

Citi analyst Itay Michaeli upgraded Tesla Inc (NASDAQ:TSLA) to Neutral from Sell with a price target of $176, up from $141.33.
Michaeli said the share's year-to-date pullback has "balanced out" the near-term risk and reward.
With the multiple contracting to ~30x 2023E EPS, some of the prior baked-in expectations Michaeli disagreed with were out of stock.
Though the latest model update led him to reduce near-term EPS estimates, Michaeli still finds himself slightly above consensus for Q4-2024E EPS.
While macro and competitive concerns would likely remain an overhang with capacity rising, Michaeli reiterated how Tesla's long-term competitive position in a challenging landing scenario probably improves and is potentially further enhanced by IRA.
The price target boost ascribes a modestly higher multiple to reflect these advantages.
Price Action: TSLA shares traded higher by 5.28% at $178.88 on the last check Wednesday.

To add Benzinga News as your preferred source on Google, click here.

Benzinga