Cantor Fitzgerald upgrades Tesla, recommends buying the dip

Cantor Fitzgerald has upgraded Tesla's stock rating, encouraging investors to consider buying shares at lower prices. The firm changed its rating from neutral to overweight and set a target price of $425. This suggests that shares could rise nearly 89%. Tesla's stock has dropped 44% this year due to worries about CEO Elon Musk's influence in the U.S. government and increasing competition worldwide. However, analyst Andres Sheppard sees this decline as a buying opportunity for investors willing to hold their shares for over a year. Sheppard pointed to several upcoming developments that could boost Tesla's performance. These include plans for a Robotaxi service, a new more affordable vehicle, and the launch of full self-driving technology in overseas markets. He remains optimistic after visiting Tesla's factory and witnessing the company's potential in areas like energy storage and delivery. The analyst also highlighted the importance of Tesla's future in the autonomous ride-sharing market. He believes that the company could quickly gain market share with its cybercab once it is released. Following the upgrade, Tesla's shares rose more than 2% in early trading.