Nearly a dozen Wall Street firms have adjusted estimates for Tesla since the beginning of the year.
Tesla shares climbed past the $500 level on Monday and neared $550 on Tuesday as the stock continues its almost daily push to new all-time highs.Five firms with the equivalent of sell ratings on Tesla shares have written updates to investors since 2020 began, with a couple raising their targets to account for the stock's higher price.
To become more bullish on Tesla, Citi said it wants to see how the company's first quarter production turns out and how much demand there is for the coming Model Y vehicle.after its run-up, noting that the stock bottomed at about $177 a share only seven months ago. Barclays on Jan. 5 stuck by its underweight rating and $200 price target, in a note titled "bears in hibernation."
"Post 4Q19 deliveries, we raise 2020-22 delivery forecast but believe the stock already discounts a very favorable future that requires near-perfect execution. That being said, we recognize Tesla is a thematic/momentum stock whose price can disconnect from fundamentals for periods of time. The bull narrative is strong and we see no immediate negative data point."A pair of firms with hold ratings on Tesla's stock both issued warnings to clients last week.
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