Shares of electric-car maker Tesla (NASDAQ: TSLA) were trading sharply higher on Friday. Specifically, the stock rose as much as 6.7% Monday morning and was up 5% as of 10:50 a.m. ET.
The stock's gain was likely driven by a combination of an upbeat day in the overall stock market, as well as an analyst's bullish comments on the stock on Friday.
Year to date, Tesla stock has declined about 29%. This decline, which is worse than the S&P 500's 13.5% pullback during the same period, has created an attractive buying opportunity for investors, according to Credit Suisse analyst Dan Levy.
Levy's bullishness comes after he visited Tesla's factory in Fremont, California. Though he acknowledged that near-term pressure on Tesla's deliveries due to challenges at its factory in Shanghai is likely, he was upbeat about continued manufacturing momentum at its factory in California. Overall, Levy remains bullish on the company's long-term opportunity.
Tesla Model Y interior. Image source: Tesla.
