Why Tesla Stock Is Higher Today

Tesla, Inc. TSLA shares are trading higher Monday after Baird Equity Research added Tesla to its "best ideas" list, according to Reuters.

The Details:

Baird Equity Research pointed to Tesla's launch of the Cybertruck EV, growing adoption of Full Self-Driving (FSD) software and expansion into new markets as catalysts for the second half of the year.

The Baird Equity analyst viewed recent Tesla price cuts as an indicator of the company looking to increase its market share and stoke demand. Last week, Tesla cut the price of its Model Y vehicle by more than $1,900 in China and lowered prices on its current inventory of Model S and Model X vehicles by $9,600.

According to the Reuters' report, Baird Equity also said sentiment for EV truck maker Rivian Automotive, Inc. RIVN was improving as the company works to reduce costs.

Shares of TSLA are up 6% for the session, but remain more than 20% down over the last month.

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TSLA Price Action: According to data from Benzinga Pro, Tesla shares are up 6% at $228.51 at the time of publication.

Image: marcinpasnicki from Pixabay