Why Tesla Stock Popped Today
Shares of Tesla (NASDAQ: TSLA) jumped 7.8% on Wednesday, following analyst upgrades.
After shedding hundreds of millions of dollars in market value this year, Tesla's stock is now presenting investors with a more favorable risk-to-reward opportunity. So says Citigroup analyst Itay Michaeli, who upgraded his rating on the electric vehicle (EV) maker's shares from sell to neutral on Wednesday.
Michaeli noted that following the steep decline in its share price, Tesla's stock is now trading for about 30 times his earnings projections for this year -- a far more reasonable level, in his opinion.
Source Fool.com
