NewStreet Research predicts 67% rise in Tesla stock

Analysts at NewStreet Research are optimistic about Tesla's stock, suggesting it could rise by 67%. They believe the company's recent struggles are already reflected in its current stock price. In a note released on Tuesday, analyst Pierre Ferragu reiterated his buy rating for Tesla. He set a price target of $465, which indicates significant potential for growth from its Monday closing price. Tesla shares have faced challenges recently. Although the stock increased by 12% on Monday, it remains 43% below its all-time high from December. Issues have arisen, partly due to controversies surrounding CEO Elon Musk's involvement in politics. The company is expected to report weak first-quarter earnings, anticipating a decline in deliveries compared to last year. Tesla owners are also reportedly trading in their vehicles at higher rates, which raises concerns. Ferragu, however, is not worried about Musk's public actions affecting sales, as he believes those past incidents did not hurt the company. He mentioned that supply chain issues are primarily responsible for current problems, while demand in China is still strong. Ferragu predicts a small decline in deliveries but considers this aligned with market expectations. He views the upcoming quarter's challenges as temporary and believes Tesla is well-positioned for recovery.