It’s been a whirlwind of a few months for Tesla (TSLA) and its shares. And with Battery Day behind us, analysts are wondering what to look to for the company’s next “big break.”
According to Yahoo Finance, shares of Tesla (TSLA) fell 5.8% before the market opened on Wednesday, the day immediately following Battery Day. While the company’s stocks don’t seem to show the battery event to be a gleaning success, Colin Rusch of Oppenheimer said, he would become a “buyer on any near-term weakness.”
$TSLA thought I spotted a H&S forming, but the support was bought up with significant volume. Should have waited for the 395 clean break, jumped the gun on this one. pic.twitter.com/XTxqyFsFvG
— turbo (@itstturbo) September 23, 2020
Rusch kept his outperform rating for Tesla intact, as well as his price target of $451. At Battery Day, Rusch claims Tesla shared a “robust reimagining of battery design, manufacturing, and performance.” He also made mention of the $25,000 (USD) vehicles set for manufacture within 2023, and a 20-times battery capacity improvement in the next decade – both of which are major markers of the company’s long-term success. Rusch also pointed out that Tesla’s 30% to 40% delivery growth guidance for 2020 is well above consensus estimates.
Earlier this month, we watched Tesla get snubbed by the S&P index committee, despite the fact that many experts thought Q3 would mark the company’s inclusion.
At the time of publishing, Tesla (TSLA) is priced at $392.16, having fallen 7.56% from yesterday.
