Tesla (NASDAQ:TSLA) has been the perfect battleground stock because bears have considered all future possibilities in their investment thesis while bulls have never been able to understand the price. Tesla stock has decreased by -69.21% in 2022 and by -$185.92 (-60.15%) from its price of $309.07 on September 19, 2022.
Alexander Potter, an analyst at Piper Sandler, defended his positive thesis about Tesla (NASDAQ:TSLA). He told clients that the recent selling pressure won’t change the company’s long-term path.
Tesla Stock Forecast
Potter says that Tesla’s (NASDAQ:TSLA) stock has been “in a tailspin” for the past few weeks because bears and tax-loss sellers are putting pressure on the stock to go down because of a steady stream of bad news. He also said that the situation with Elon Musk’s Twitter (TWTR), the fast-changing rules about pandemics, and the outbreaks in China make him more worried about 2023.
According to Potter, we know that growth could easily slow down in 2023 because of things like a recession, higher interest rates, and markets that are already full of Tesla products. But “we do not believe that Tesla’s market share is suddenly being eroded by a flood of new competition, and we do not believe that the long-term thesis has changed at all.” Potter maintained a Buy-equivalent rating on the stock and set a price objective of $340, indicating that it may nearly quadruple.
On the final trading day of 2022, shares of the Austin-based automaker started the day lower by 0.59%. The Elon Musk-led company’s anticipated year-to-date loss of more than 60% will be the most on record. At the start of the final trading day of 2022 on Friday morning, the Dow Jones Industrial Average decreased by 275 points. With its worst annual performance on record, a drop of more than 65%, Tesla shares recovered from early losses in the morning session.
Today’s Stock Market
Tesla (NASDAQ:TSLA), the market leader in electric vehicles, gained about 1% on Friday. After the opening of the stock market today, the Dow Jones tech titans Apple (NASDAQ:AAPL) and Microsoft (NASDAQ:MSFT) traded lower.
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