Investors may want to pay close attention to Tesla (TSLA).
After bottoming out at around $200, the rebounding electric vehicle stock is back to $221.50. From here, we’d like to see it initially refill its bearish gap at around $250 a share.
Helping, Deutsche Bank just initiated coverage of Tesla with a buy rating with a $295 price target. Tesla isn’t just “an auto maker but rather a technology platform attempting to reshape multiple industries, deserving of a unique type of valuation framework,” added the firm, as quoted by Barron’s. It’s “in a league of its own and represents our highest conviction secular leader, poised to reshape multiple industries across auto, energy, mobility, and robotics.”
Moving forward, Tesla is expected to issue a third quarter deliveries report, which should be out on October 10. We’ll also get its earnings report in October, as well. In its second quarter, Tesla delivered 444,000 vehicles. A year ago, it delivered 435,000. As we near its third quarter delivery numbers, analysts expect to see the delivery of 461,000 vehicles.