Tesla earnings lay the groundwork for another 38% rise in the stock after the EV maker delivers upbeat guidance, Wedbush says
said in a call with analysts that its recent price cuts made a"difference" during the quarter.
"[With] Twitter noise starting to dissipate and the demand story roaring out of the gates in 2023 despite a darker macro, we walk away from this call incrementally more bullish on Tesla into 2023," said Ives. He also said Musk gave a"hittable/ beatable" delivery target for 2023 that could end up being conservative, given a demand rebound in China following recent price cuts on its Model Y and Model 3 vehicles. "While in the near-term Tesla is sacrificing margins for higher volumes, we view this as the right strategic poker move to put an iron fence around its customer base and fend off growing EV competition coming from Detroit, Europe, and China," said Ives.
Tesla stock jumped 9% to %157.74 as Thursday trade got underway. The stock slid by 64% in 2022, landing among the 10 worst-performing on the
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