2023/01/24 (155.018) Technical Analysis

Technical Recovery Of TESLA Share In Full Swing
– We Still Stay Long Above 91 USD Before QR Tomorrow

Tesla stock is currently benefiting from Elon Musk’s testimony in court. On the witness stand, he defended a tweet from 2018 that funding for this project was “secured”. Tesla CEO Elon Musk is currently facing a securities fraud lawsuit. In August 2018, he tweeted that he was “considering delisting Tesla at $420. Funding secured.” Investors argue that Musk lied about the funding. As a result, Tesla shares rose 13.3 percent. When it became clear that the takeover would not happen, the stocks fell. Investors say they lost millions of dollars as a result. Elon Musk told jurors Monday he was certain he received financial backing from Saudi investors in 2018 to delist Tesla. In addition, he could even have used his stake in SpaceX to finance a takeover: “With the SpaceX shares alone, I had the feeling that the financing of the takeover was secured,” quoted Reuters Musk. Musk later added that he decided against taking Tesla public because he lacked the support of some investors and wanted to avoid a lengthy process. Tesla shares closed yesterday’s trading session up over 7.7 percent. Since the beginning of the year, there has been a whopping plus of around 17 percent on the price slips. Tesla will release its earnings report on Wednesday after US trade close. According to the Bloomberg Billionaires Index, Musk’s wealth has risen by about $10.6 billion to $145.2 billion since he testified on Friday – the biggest two-day gain since November. Musk is no stranger to courtrooms. The Tesla CEO has been nicknamed “Teflon Elon” for his ability to get away with it. The trial is expected to last until February.

Price Targets For The TESLA Share

In This article you will find an overview of the current analyzes and price targets for the Tesla share.
The average Tesla price target from 12 analyzes by different analysts is currently $395.55. The difference between the average price target and the current price is +122.34%. This means that the Tesla share performs best in a comparison of the competition.

Jefferies & Company Inc. $180.00 01/17/23
RBC Capital Markets $186.00 01/12/23
Deutsche Bank AG $355.00 10/20/22
Joh. Berenberg, Gossler & Co. KG (Berenberg Bank) $260.00 10/14/22
Credit Suisse Group $1,000.00 07/21/22
Barclays Capital $380.00 07/18/22
Morgan Stanley $1,300.00 06/3/22

Tesla Bull Cathie Wood: Tesla Stock Will Rise Fivefold

Cathie Wood remains a believer in Tesla (NASDAQ:TSLA). She is even more bullish than ever for the US electric car maker, as she explained in a webinar on Thursday. Although Tesla’s stock took a beating over the past year, she has continued to buy the stock through her investment company, Ark Invest, and believes the price can rally strongly again in the medium term. “Just because of the electric cars, the share price could increase almost fivefold in the next five years,” says Wood. “And if you then think about autonomous vehicles, it’s more like a 13x increase over the next five years. So we’re as bullish on Tesla as we’ve ever been.” According to the investor, the switch to electric vehicles will be dramatic: According to her, 60 million electric cars will be sold within five years. According to Statista, around 6.7 million electric cars were sold worldwide in 2021. A total of around 17.4 million electric vehicles were registered worldwide in 2021. Wood has long been a Tesla bull and sees the stock rising to over $500 by 2026.

Economics Nobel Prize winner Paul Krugman considers such moon prices to be unlikely. Tesla will never become a “money machine” like Apple (NASDAQ:AAPL). There is simply no room for that in the auto industry. Tesla shares have recovered about 13 percent this year to close at $143.75 on Monday. The stock had plummeted more than 60 percent in 2022, but it’s still up a whopping 340 percent since 2020. Tesla has had to cope with a lot of negative news lately. For example, sales of Tesla vehicles made in China fell to their lowest level in five months in December due to the corona outbreak in China. Musk’s tumultuous $44 billion Twitter acquisition also contributed to the slide. He sold billions of dollars worth of Tesla stock last year to finance the takeover. “Tesla moved lower in the fourth quarter, had a dramatic re-rating as capitulation on growth strategies became apparent,” Wood said. “The disappointments in China were wellCommunicated.”

Tesla has slashed the prices of its vehicles in recent weeks, first in China and then in the US and Europe in mid-January. The aggressive price cuts would help the company remain competitive, Wood said. “Tesla will be very aggressive on pricing,” Wood said. “Tesla can afford it. Tesla has the lowest cost structure and is the most innovative manufacturer in our opinion. The other automakers have to follow suit. They will have to follow this price drop, but it will hurt them significantly in terms of margin and profitability.” Looking at the rally in energy stocks despite falling oil prices, Wood said the market has become overvalued for value stocks. While the Energy Select Sector ETF (NYSE:XLE) is up 45 percent over the year, WTI crude oil is down about 4 percent. “From our point of view, the market defies all logic,” she said. Tesla, on the other hand, will continue to gain market share as global oil demand falls by 30 percent or more over the next five years, Wood estimated. Tesla boss Elon Musk, who expects oil demand to peak in the next five years, takes a similar view.

The International Energy Agency expects record global demand for oil this year. Accordingly, global demand could increase by 1.9 million barrels per day to a total of 101.7 million barrels per day – more than ever before.