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Tesla stock gains as Citi upgrades to Neutral on improving risk/reward

By Senad Karaahmetovic Shares of Tesla (NASDAQ:TSLA) are up almost 2% in pre-open Wednesday after Citi analysts upgraded to Neutral from Sell. The analysts believe the valuation is...
Tesla stock gains as Citi upgrades to Neutral on improving risk/reward © Reuters. Tesla (TSLA) stock gains as Citi upgrades to Neutral on improving risk/reward
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By Senad Karaahmetovic

Shares of Tesla (NASDAQ:TSLA) are up almost 2% in pre-open Wednesday after Citi analysts upgraded to Neutral from Sell.

The analysts believe the valuation is more justified now after the recent pullback in Tesla stock that has created a more balanced risk/reward in the near term. The analysts also raised the price target to $176 per share, from $141.33, to reflect a higher multiple.

Analysts highlighted the three key points:

  1. Some of the prior baked-in expectations that Citi didn’t agree with are out of stock;
  2. Citi is slightly above consensus for Q4-2024E EPS despite reduced near-term EPS estimates; and
  3. Macro/competitive concerns are likely to remain an overhang with capacity rising.

“In a hard landing scenario Tesla’s LT competitive position likely also improves and potentially further enhanced by IRA,” they added in a client note.

The analysts also weighed in on the discussion of what would need to happen for Citi to get more bullish.

“We’d like to gain added confidence on the ASP/auto gross margin bridge (including tracking NT datapoints in China and Europe) and FSD progress. Under the current macro, we’d like to build more conviction, so for the time being we regard risk/reward as balanced here,” the analysts concluded.

Tesla stock price is down over 50% YTD.

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28-11-2022 12:31:46 (UTC+7)

EUR/USD

1.0351

-0.0044 (-0.42%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (6)

EUR/USD

1.0351

-0.0044 (-0.42%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (6)

GBP/USD

1.2052

-0.0042 (-0.34%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (7)

USD/JPY

138.46

-0.63 (-0.46%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (6)

AUD/USD

0.6681

-0.0068 (-1.01%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (9)

USD/CAD

1.3454

+0.0077 (+0.58%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

EUR/JPY

143.32

-1.27 (-0.88%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (2)

Sell (6)

EUR/CHF

0.9797

-0.0029 (-0.30%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

Gold Futures

1,749.40

-4.60 (-0.26%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

Silver Futures

21.215

-0.215 (-1.00%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

Copper Futures

3.5580

-0.0725 (-2.00%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (2)

Sell (4)

Crude Oil WTI Futures

73.97

-2.31 (-3.03%)

Summary

Neutral

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (6)

Sell (2)

Brent Oil Futures

81.22

-2.49 (-2.97%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (5)

Sell (2)

Natural Gas Futures

7.238

-0.092 (-1.26%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (9)

US Coffee C Futures

164.40

+1.65 (+1.01%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (9)

Euro Stoxx 50

3,962.41

+0.42 (+0.01%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (2)

S&P 500

4,026.12

-1.14 (-0.03%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (5)

Sell (2)

DAX

14,541.38

+1.82 (+0.01%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (3)

Sell (2)

FTSE 100

7,486.67

+20.07 (+0.27%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (6)

Sell (1)

Hang Seng

17,156.00

-417.58 (-2.38%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

US Small Cap 2000

1,869.19

+6.37 (+0.34%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (5)

Sell (2)

IBEX 35

8,416.60

+37.20 (+0.00%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (6)

BASF SE NA O.N.

49.605

-0.280 (-0.56%)

Summary

Neutral

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (4)

Sell (4)

Bayer AG NA

55.45

-0.06 (-0.11%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (0)

Sell (6)

Allianz SE VNA O.N.

205.35

+0.40 (+0.20%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (8)

Sell (1)

Adidas AG

123.98

-2.68 (-2.12%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (5)

Deutsche Lufthansa AG

7.567

+0.036 (+0.48%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (9)

Siemens AG Class N

132.06

+1.10 (+0.84%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (1)

Deutsche Bank AG

10.390

+0.020 (+0.19%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (0)

    EUR/USD 1.0351 ↑ Sell  
    GBP/USD 1.2052 ↑ Sell  
    USD/JPY 138.46 ↑ Sell  
    AUD/USD 0.6681 ↑ Sell  
    USD/CAD 1.3454 ↑ Buy  
    EUR/JPY 143.32 ↑ Sell  
    EUR/CHF 0.9797 ↑ Sell  
    Gold 1,749.40 ↑ Sell  
    Silver 21.215 ↑ Sell  
    Copper 3.5580 Sell  
    Crude Oil WTI 73.97 Neutral  
    Brent Oil 81.22 Neutral  
    Natural Gas 7.238 ↑ Sell  
    US Coffee C 164.40 ↑ Sell  
    Euro Stoxx 50 3,962.41 ↑ Buy  
    S&P 500 4,026.12 Neutral  
    DAX 14,541.38 ↑ Buy  
    FTSE 100 7,486.67 ↑ Buy  
    Hang Seng 17,156.00 ↑ Sell  
    Small Cap 2000 1,869.19 ↑ Buy  
    IBEX 35 8,416.60 Sell  
    BASF 49.605 Neutral  
    Bayer 55.45 Sell  
    Allianz 205.35 ↑ Buy  
    Adidas 123.98 Neutral  
    Lufthansa 7.567 ↑ Sell  
    Siemens AG 132.06 ↑ Buy  
    Deutsche Bank AG 10.390 ↑ Buy  
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