- Citi analyst Itay Michaeli upgraded Tesla Inc 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.
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