Why Tesla Stock Rose Today
Tesla (NASDAQ: TSLA) stock is moving higher for the second straight day today. After jumping another 3.7% in early trading, Tesla shares were up 1.6% at 2:23 p.m. ET, bringing its two-day gain to about 7%.
The moves higher came after one analyst still sees more than 50% upside for Tesla stock even in the face of economic headwinds, as well as a report that the EV leader might have its sights set on the next location for another manufacturing plant.
Following Tesla's third-quarter earnings report last week, Morgan Stanley's Adam Jonas lowered his price target on the stock to $330 per share from $350. Though Jonas said he wanted to "make room for unexpected headwinds" in the current economic environment, the new price target is still more than 50% higher than where Tesla stock started this week. Other news came from Reuters reporting that Tesla CEO Elon Musk may be planning on a new investment in Mexico.
Source Fool.com
