: Tesla stock wards off bear market with boost from UBS

Tesla Inc. stock on Tuesday snapped a four-day losing bolt that took it very cessation to a maintain market, after UBS analysts slapped a $1,000 designate target on the stock and known as the electric-car maker the EV market’s “undisputed chief.”

Tesla shares
TSLA,
+1.32%

traded up as unparalleled as 4.8% at $1,057.67 on Tuesday, before paring positive aspects to cessation up 4.2% at $1,051.75, shaking off weak point that took it to a cessation of $1,009.01 on Monday.

Monday’s cessation was as soon as roughly $25 a ways from inserting the stock true into a maintain market, as outlined by ending no longer lower than 20% down from a document high. Tesla hit a document cessation of $1,229.91 on Nov. 4.

A cessation at or under $983.92 would produce the maintain market “legit.” The stock hit an intraday low of $950.50 on Monday, before bouncing to cessation above that threshold. On Nov. 15, it touched an intraday low of $978.60 before bouncing to cessation at $1,013.39.

Associated: Elon Musk says Biden’s $2 trillion, EV-friendly spending bill shouldn’t pass.


FactSet, MarketWatch

UBS saved the an identical of a withhold ranking on Tesla, but raised its designate target on the stock to $1,000 from $725. The moderate designate target for Tesla is $851.09, in line with FactSet, which surveyed 41 analysts who duvet Tesla. Of those, 17 fee the stock a resolve, 12 fee it a withhold, and 12 fee it a sell.

Look moreover: Toyota picks North Carolina for $1.3 billion battery plant

Tesla’s stock, which had tumbled 11.9% amid a four-day losing bolt via Monday, has obtained 49% this one year, when in contrast with positive aspects of round 25% for the S&P 500 index.
SPX,
+0.95%

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