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Analyst: Despite Recent Weakness, Tesla Inc (TSLA) Is Still A Buy

TSLA – Rich Ross of Evercore ISI recommends focusing on the long term when evaluating Tesla’s stock.

Tesla Inc (NASDAQ:TSLA) shares have pulled back considerably from their recent highs, but one Wall Street analyst isn’t worried about the company’s longer-term prospects.

Rich Ross of Evercore ISI said this week that despite short-term downturn, there’s reason to believe the stock could indeed resume is massive yearly rally. CNBC has more details:

Despite the stock’s recent weakness, down 22 percent from its September high, Ross stressed the importance of looking at a longer-term chart in order to get a better grasp of its performance.

“The stock is up against the ropes, and we’ve pulled back to critical long-term support at the high end of this very well-defined multiyear base of support [around the $280 level],” he said.

If Tesla can hold above important technical support at its 50-week moving average, says Ross, it would likely indicate another leg higher is on the way. TSLA’s 50W SMA currently sits around the $274 mark.

The company has a big event planned for today where it will finally unveil its electric semi truck. That could provide a catalyst for share price appreciation in the short term as well.

Tesla Inc shares rose to $314.50, up $3.20 (+1.03%), in premarket trading Thursday. Year-to-date, TSLA has gained 45.68%, versus a 16.36% rise in the benchmark S&P 500 index during the same period.

TSLA currently has a StockNews.com POWR Rating of C (Neutral), and is ranked #15 of 24 stocks in the Auto & Vehicle Manufacturers category.

TSLA at a Glance

TSLA Current POWR Rating™
Overall POWR Rating™
TSLA Current Price $344.00 1.56%
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TSLA Price Reaction

The day of this event (Nov. 16, 2017)
TSLA Closing Price$312.50 0.39%
TSLA Volume5,822,000
4.87% from avg
Leading up to this event
TSLA 1-mo return11.21%
After this event
TSLA 1-day return1.19%
TSLA 3-day return2.05%
TSLA 5-day return1.35%

TSLA Price Chart

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