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Reading: Solid Wall Street support for Tesla (TSLA) stops the stock’s free fall
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EV-a2z > News > Solid Wall Street support for Tesla (TSLA) stops the stock’s free fall
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Solid Wall Street support for Tesla (TSLA) stops the stock’s free fall

EV-a2zm
Last updated: 2022/11/26 at 7:46 AM
EV-a2zm Published November 24, 2022 3 Min Read
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Wall Street analysts suggest that the decline in Tesla‘s (TSLA) stock has reached a buying opportunity level, which is preventing further decline, as per Electrek.

Contents
Share buyback programNotably, there is a possibility that the petition would materialize since more than 5,000 people have signed already. Furthermore, CEO Elon Musk stated last month that a $5 to $10 billion share buyback program was being discussed by the board.Three Wall Street analysts help Tesla stocksTesla’s stock has approximately 100% potential growth, according to Adam Jonas, a Morgan Stanley analyst who covers Tesla. In a new note to clients, he wrote:Furthermore, Citi analyst Itay Michaeli revised Tesla’s stock rating to neutral as Tesla’s stock now trades for an appealing near-term risk/reward profile.Dan Ives of Wedbush Securities also released a new note on Tesla. He predicted a strong Q4 with up to 450,000 deliveries, which would significantly increase above the previous record. Furthermore, Ives still has a $250 price objective for Tesla’s stock.

Share buyback program

It is interesting to note that a share buyback program for the automaker giant has been petitioned by Investors to Tesla’s board of directors.

Notably, there is a possibility that the petition would materialize since more than 5,000 people have signed already. Furthermore, CEO Elon Musk stated last month that a $5 to $10 billion share buyback program was being discussed by the board.

However, the support of Wall Street would only be a marginal aid Tesla’s market capitalization has decreased by close to $500 billion over the past three months.

Tesla stock has dropped 49% since Musk offered to buy Twitter in April (losing over $500 billion in value)

In the 3.5 weeks since he took over in late October, Tesla stock has dropped 27% (losing $190 billion in value)

He’s gone from world’s richest man to world’s biggest loser pic.twitter.com/QnjsK7o2ml

— Andrew—Author of America Rises On Substack—Wortman (@AmoneyResists) November 22, 2022

Nonetheless, Tesla investors must depend on Wall Street to support the stock until the board agrees on a buyback program. Several Wall Street analysts have signaled that the stock is entering buying opportunity levels in response to the stock price decline.

Three Wall Street analysts help Tesla stocks

Tesla’s stock has approximately 100% potential growth, according to Adam Jonas, a Morgan Stanley analyst who covers Tesla. In a new note to clients, he wrote:

“In a slowing economic environment, we believe Tesla’s ‘gap to competition’ can potentially widen, particularly as EV prices pivot from inflationary to deflationary. With respect to the IRA (Inflation Reduction Act) we believe Tesla is by far the best positioned OEM in terms of potential eligibility for consumer tax credits (up to $7,500/unit) and for Section 45x production credits (up to $45/KWh). The current price offers approximately 100% potential upside to our $330 price target which is the highest upside to target we have seen from Tesla in over 5 years.”

Furthermore, Citi analyst Itay Michaeli revised Tesla’s stock rating to neutral as Tesla’s stock now trades for an appealing near-term risk/reward profile.

Dan Ives of Wedbush Securities also released a new note on Tesla. He predicted a strong Q4 with up to 450,000 deliveries, which would significantly increase above the previous record. Furthermore, Ives still has a $250 price objective for Tesla’s stock.

Remarkably, after the three Wall Street analysts’ notes, Tesla’s stock (TSLA) increased by 5% this morning.

Tesla stock jumped on Wednesday – as one of the few bears left on Wall Street turned a bit more positive.$TSLA at midday was up the most in nearly two weeks, extending its winning streak to a second day to chalk up a nearly 8% gain in two sessions: https://t.co/aXzcFT8uwL pic.twitter.com/mCIx9rPazg

— MarketWatch (@MarketWatch) November 23, 2022

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TAGGED: Electric Vehicle, Elon Musk, EV, Tesla, USA, Wall Street
EV-a2zm November 26, 2022 November 26, 2022
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