Tesla (TSLA) could accelerate even higher – again.
All thanks to the Federal Reserve, which just penciled in three to four interest rate cuts for the new year. After all, as noted by Barron’s, “Lower rates matter for the car industry. They mean lower car payments for customers. The impact higher rates have on car demand is something Tesla CEO Elon Musk has been lamenting or months.” Helping, analysts at Guggenheim just raised their price target on TSLA to $132 from $125.
TSLA last traded at $253.50, refilling its bearish gap from mid-October. Now, it can break above prior resistance at $268.60, it could test $280 again shortly.