Shares of Tesla, Inc. TSLA rose moderately in premarket trading on Thursday even as the broader market has failed to gather any decent momentum in the new year.
Following Tuesday’s fourth-quarter delivery data, which came in ahead of expectations, analysts have begun revisiting their price targets for the stock. Jefferies analyst Philippe Houchois on Wednesday raised the price target from $210 to $255, citing a surprising decrease in leasing adoption and better-than-anticipated “Other model” deliveries.
Fund manager Gary Black shrugged off Wednesday’s stock slump, as he attributed the decline to normalization following the 2023 run and the negativity triggered by tech sector-wide weakness. The analyst expects the company to report a sequential increase in core auto margin when it reports its fourth-quarter results on Jan. 24, 2024.
Late Wednesday, Cathie Wood’s Ark Investment disclosed buying over $25 million worth of Tesla shares amid their slump.
Until the fourth-quarter results announcement, Tesla stock will likely remain range-bound.
In premarket trading, Tesla rose 0.60% to $239.87, according to data from Benzinga Pro.
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