After falling roughly 65% in 2022, shares of Tesla have caught fire this year, gaining support from Wall Street during the market’s recent A.I. induced rally. The EV giant’s stock is now up more than 140% year to date and some 40% in the past month alone after gaining traction from multiple charging station deals that CEO Elon Musk signed with legacy automakers to boost revenues this quarter.
But Barclays' senior autos analyst Dan Levy downgraded Tesla stock from a buy-equivalent rating to a hold-equivalent rating this week, citing near-term margin issues and an aggressive valuation. Levy, a perennial Tesla bull, still believes in the company’s long-term future, and he increased his 12-month price target for the stock to $260 from $220 to reflect the recent run-up in its price. Tesla traded at just over $260 per share on Wednesday. But he’s got a message for investors out there.
