Why Tesla Stock Bounced Back Wednesday
Tesla (NASDAQ: TSLA) stock broke a seven-day downtrend on Wednesday, surging as much as 3.6% through 10:20 a.m. EST.
Believe it or not, you can probably thank R.W. Baird for that.
Shares of Tesla had been slumping through the second half of December on continued reports of weak demand and supply chain disruption in China, which resulted in at least an eight-day shutdown of production at the Shanghai factory, the company's largest. (Tesla itself said the shutdown was just for "annual maintenance work.") This morning, however, in a curious backhanded compliment, investment bank R.W. Baird cut its price target on Tesla stock by 20% (to $252 a share) while at the same time insisting Tesla stock is its "best idea for 2023."
Source Fool.com
