What happened

Tesla (TSLA 1.56%) shares have dropped more than 10% since President Biden signed the Inflation Reduction Act (IRA) into law in mid-August. But one analyst thinks investors are missing an opportunity thanks to incentives in the new law. That call helped move Tesla stock as much as 2.1% higher today. As of 1:18 p.m. ET, the stock held on to a gain of 0.8%. 

So what

Wolfe Research analyst Rod Lache upgraded shares of Tesla to a buy rating today, and said he thinks shares are worth $360, according to Barron's. Lache previously rated shares a hold, and his price target implies upside of 33% over Friday's closing share price.