Guggenheim analyst Ali Faghri initiated coverage on Tesla Inc TSLA with a Neutral rating. Faghri is positive on Tesla's long-term outlook, but the analyst warned that the entire EV space could experience slower growth than many are anticipating.
Having fallen more than 20% over the last month, Virtus Investment Partners' Joe Terranova thinks the stock is worth buying.
"It's a company that you want to reestablish a position in if you have gotten out, or initiate a position in if you don't hold one at all," Terranova said Monday on CNBC's "Fast Money Halftime Report."
Following Tesla's "staggering" decline over the last month or so, the stock still remains above its 100-day moving average, he said, adding that the stock maintained its technical formation during the fall.
Terranova attributed some of the recent decline to tax selling. He expects the stock to resume its upward trajectory either after the end of the year or after the company announces its next quarterly earnings results.
Tesla usually announces its fourth-quarter financial results at the end of January. The company reported fourth-quarter 2020 results on Jan. 27, 2021.
TSLA Price Action: Tesla has traded as high as $1,243.49 and as low as $539.49 over a 52-week period.
The stock was down 3.29% at $901.89 at time of publication.
Photo: courtesy of Tesla.
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