Tesla stock rose more than 2% early Friday before dropping 0.2% to 182.86 during market trading. On Wednesday, shares jumped 7.8% to 183.20, rebounding from Tuesday's bear market lows as Citigroup (C) upgraded the EV giant from a sell to a hold.
TSLA shares remain down around 20% in November, but poised for what could be their first weekly gain in four weeks, leading analysts and investors to speculate on a possible upturn. The stock has roughly halved in 2022.
The Wednesday Citi research note followed Morgan Stanley (MS) analyst Adam Jonas writing late Tuesday that Tesla stock "is approaching our $150 bear case, driven by price cuts in China, decelerating EV demand and other market currents (Twitter, Crypto?)"
Jonas did not change his overweight rating, equivalent to a buy rating, and $330 price target on Tesla stock. The analyst expects Tesla revenue will grow 37% in 2023, the equivalent of 1.8 million units, with around $15 billion in free-cash-flow.
"All other pure play EV OEMs we cover burn substantial amounts of cash, on our forecasts," Jonas wrote.
