TradingKey - Tesla's stock has surged over the past two days, but analysts recommend selling and have lowered the target price to $170.
On Wednesday, Tesla Inc (TSLA) rose another 7.59%, reaching $248. Over the past two days, Tesla's stock has surged by a cumulative 11%.
Tesla Stock Price Chart, Source: TradingView.
On December 18 last year, Tesla's stock price surged to $488 but has since continued to decline,plummeting over 15% on March 10. Despite a recent two-day rebound, Tesla's stock remains nearly halved, down 49% from its peak.
Guggenheim analyst Ronald Jewsikow is pessimistic about Tesla's future performance, citing declining profitability in its electric vehicles, weak demand for the updated Model Y, and the "political noise" surrounding CEO Elon Musk, which has sparked protests.
Jewsikow advises investors to take advantage of the rebound to sell Tesla stock and has lowered the target price from $175 to $170, marking the low point in June 2024.
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