#: Tesla stock wards off bear market with boost from UBS
Table of Contents
“#: Tesla stock wards off bear market with boost from UBS”
Tesla was some $30 away from a bear market on Monday
Tesla Inc. stock on Tuesday snapped a four-day losing streak that took it very near a bear market, after UBS analysts slapped a $1,000 price target on the stock and called the electric-vehicle maker the EV market’s “undisputed leader.”
Tesla shares
TSLA,
traded up as much as 4.8% at $1,057.67 on Tuesday, before paring gains to close up 4.2% at $1,051.75, shaking off weakness that took it to a close of $1,009.01 on Monday.
A close at or below $983.92 would make the bear market “official.” The stock hit an intraday low of $950.50 on Monday, before bouncing to close above that threshold. On Nov. 15, it touched an intraday low of $978.60 before bouncing to close at $1,013.39.
Related: Elon Musk says Biden’s $2 trillion, EV-friendly spending bill shouldn’t pass.
FactSet, MarketWatch
UBS kept the equivalent of a hold rating on Tesla, but raised its price target on the stock to $1,000 from $725. The average price target for Tesla is $851.09, according to FactSet, which surveyed 41 analysts who cover Tesla. Of those, 17 rate the stock a buy, 12 rate it a hold, and 12 rate it a sell.
See also: Toyota picks North Carolina for $1.3 billion battery plant
Tesla’s stock, which had tumbled 11.9% amid a four-day losing streak through Monday, has gained 49% this year, compared with gains of around 25% for the S&P 500 index.
SPX,
Subscribe: Want intel on all the news moving markets? Sign up for our daily Need to Know newsletter.
If you liked the article, do not forget to share it with your friends. Follow us on Google News too, click on the star and choose us from your favorites.
For forums sites go to Forum.BuradaBiliyorum.Com
If you want to read more News articles, you can visit our News category.
