Tesla is making a strong comeback.
Just a few months ago, Tesla was the subject of ridicule on Wall Street, with Wells Fargo going so far as to call it a growth stock with no growth. It fell behind all other 499 stocks in the S&P index, including Boeing, which was dealing with scandals.
But now, things have turned around. Tesla has recovered all its year-to-date losses and added a staggering $150 billion in market cap in just three days this week.
$TSLA investors right now pic.twitter.com/yqa3efRxkc
— Teslaconomics (@Teslaconomics) July 3, 2024
According to Wedbush Securities tech analyst Dan Ives, the worst is behind Tesla, and the demand for electric vehicles is starting to return. He even upgraded his price target for Tesla, showing confidence in its future performance.
Elon Musk is back to his confident self, setting ambitious growth targets and warning short sellers of dire consequences.
After a period of consolidation, the stock is now showing signs of upward momentum and breaking past previous trends.
Tesla $TSLA has done it! 2.5 year downtrend finally broken 🥳🍾🫂 pic.twitter.com/9kEQejJoNb
— Barchart (@Barchart) July 3, 2024
Analysts are optimistic about Tesla’s future performance, especially after the recent delivery figures exceeded expectations. The company’s energy storage business is also showing significant growth, indicating a diversification beyond electric vehicles.
With upcoming product launches and improving market sentiment, Tesla’s stock is poised for further gains in the near future.
IT’S FINALLY OUR TURN $TSLA pic.twitter.com/XMhF3JbZ1V
— TheSonOfWalkley (@TheSonOfWalkley) July 3, 2024
