Bank of America thinks Tesla's first-quarter results mark the start of a big turnaround.
Bank of America thinks Tesla's first-quarter results mark the start of a big turnaround. Analyst John Murphy upgraded the electric vehicle maker to buy from neutral. He also reiterated his price target of $220, which implies upside of 52% from Tuesday's close. The upgrade comes as Tesla reported weaker-than-expected earnings and revenue for the first quarter. In fact, the company's 9% revenue drop from the year-earlier period was its biggest since 2012 .
mountain TSLA pops BofA's Murphy noted that the quarterly numbers "essentially knocked out the recent negative catalysts with facts or reasonable explanations.
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