Tesla Inc.(Nasdaq:TSLA): Tesla (TSLA) shares rise following Baird analyst calling bearish case - StockNews.com

Tesla Inc.(Nasdaq:TSLA): Tesla (TSLA) shares rise following Baird analyst calling bearish case "overblown"

NASDAQ: TSLA | Tesla, Inc. News, Ratings, and Charts

TSLA – Shares of Tesla rallied premarket after Baird analyst believes demand concerns are overblown.

Tesla (TSLA – Get Report) shares were rising Monday following a bullish call from Baird analyst Ben Kallo who believes that the selloff the electric carmaker experienced before its rally last week was overblown.

Kallo also said he expects positive news from Tesla at its annual meeting on Tuesday. The firm maintained its $340 price target on the stock, which a 66% upside from the stock’s closing price on Friday.

Shares were up 4.1% to $212.81 in trading Monday.

“Weak demand remains at the forefront as a bear argument, and while it appears Model S+X demand has softened, we continue to believe Model 3 demand is underestimated,” Kallo wrote. “Positive updates in recent weeks, including leaked emails and reports of strong deliveries, appear to have improved sentiment on demand, which we view positively.”

Tesla shares have risen 16% over the past five sessions although the stock has dropped 26% over the previous four weeks. The stock hit a year to date low of $178.97 on June 3.

Last week, Electrek reported that Tesla already has delivered 33,000 cars in North America this quarter with the company looking to top its record of 90,700 quarterly deliveries in current period.

Tesla Inc. shares were trading at $214.92 per share on Monday morning, up $10.42 (+5.10%). Year-to-date, TSLA has declined -35.42%, versus a 16.54% rise in the benchmark S&P 500 index during the same period.

TSLA currently has a StockNews.com POWR Rating of D (Sell), and is ranked #15 of 25 stocks in the Auto & Vehicle Manufacturers category.

This article is brought to you courtesy of TheStreet.

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