Tesla stock rose 4.9% Wednesday and 7.4% Thursday after dropping 38% this month coming into Wednesday trading. Shares were up another 5.8%, at $748.51, in midday trading Friday. The S&P 500SPX +2.47% gained 1.6%, while the Dow Jones Industrial AverageDJIA +1.76% rose 1%.
Credit Suisse analyst Dan Levy might be giving Tesla stock an extra boost to close the week. On Friday, he reiterated his bullish stance on the shares after visiting the company’s Fremont, Calif. facility. “The visit reminded us that the Fremont has shown ongoing manufacturing Kaizen,” wrote Levy. That’s an industry term for continuous improvement.
He believes the recent fall in Tesla stock is an attractive entry point. He doesn’t seem to believe that production problems caused by Covid lockdowns in Shanghai are long-term issues. He maintained his Buy rating and $1,125 price target.
