Convinced purchases in the premarket on the Tesla stock which marks +2.83% at 174.72 dollars. The stock had already moved well yesterday, closing at +1.22%. According to Morgan Stanley the stock crash has gone too far and Tesla is closing in on the “bearish” $150 price target, giving investors an opportunity to buy at a bargain price. Morgan Stanley analyst Adam Jonas pointed out that despite decelerating demand and price cuts in China, Tesla is the only undercover EV maker generating a profit on the sale of its cars. Tesla is also potentially eligible for US consumer tax credits. Morgan Stanley’s target price is $330, about double current levels.
Meanwhile, Citi analysts raised their recommendation on Tesla to neutral on the previous sell, saying that a more than 50% drop this year has balanced short-term risk/reward.