In recent months, Tesla’s stock has seen new upticks from a tough 2022. As shareholders pick up significantly more of Tesla’s shares, the company currently has more support from Wall Street analysts than ever with a similar uptick in “Buy” ratings.
Tesla has had more “Buy” calls on Wall Street in recent weeks than ever, according to data from FactSet in a recent piece from Barron’s. Barclays analyst Dan Levy became Tesla’s 31st “Buy” on Wall Street, after the firm recently launched its investments in the automotive sector.
Levy and Barclays launched the company’s automotive investments with Rivian and Tesla, noting the latter automaker’s strong financials and dominant position as the emerging EV sector’s market share leader.
“While Rivian faces a number of challenges in ramping capacity/achieving greater production efficiency and ultimately reaching positive margins and cash flow, we nevertheless believe [it] is positioned to take solid share in the inflecting North American EV market,” Levy said.
On reasons for avoiding other auto stocks such as GM and Ford, Levy pointed to “recessionary pressures” in the memo.
Tesla’s plan to begin delivering the Cybertruck in 2023 also has something to do with the stock’s status on Wall Street right now, according to Barron’s. The publication notes results from a recent survey by Truist analyst William Stein that suggests consumers are attracted to the Cybertruck’s unique, angular design.
“Ever since Tesla first showed the Cybertruck in 2019, its unusual angular design stirred controversy,” Stein wrote in a memo on Wednesday. “Implicit interest in the Cybertruck appears much stronger than the bearish view,” he added.
Stein also said that many Tesla shareholders he spoke to expect the Cybertruck to be a dud, though the electric pickup’s controversial nature may not necessarily be a deterrent in the long run. Still, Stein points out that around 6 percent of pickup truck buyers are thinking about going electric, with around 3 percent of the respondents specifically naming the Cybertruck out of a total of 504 survey respondents.
Currently, Stein has a “Buy” on Tesla, with a $245 price target.
With roughly 66 percent of Wall Street analysts calling Tesla shares a “Buy” right now, the company has gained support levels similar to 2012, when it was a much smaller company and held 67 percent “Buys.” Right now, Tesla shareholders can look forward to the automaker’s upcoming Investor Day, the long-awaited release of the Cybertruck, and plans for the Highland Model 3, among other developments.
Originally posted on EVANNEX. Written by Peter McGuthrie.
Disclosure: Nothing above is financial or investment advice of any kind. We do not provide financial or investment advice here on CleanTechnica.
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