Bank of America Securities upgraded Tesla Inc (NASDAQ: TSLA) to neutral from underperform and lifted the price target to $1,750 from $800. Within the last 24 hours, this is the now the second bearish analyst to shift their views about the California EV maker. The first was from Morgan Stanley, which raised its Tesla price target to $1,360, revising its "bull case scenario" to $2,636. Of note, this upgrade comes after the firm already raised its Tesla price target twice last month.
Bank of America Securities highlighted in its notes for the upgrade, “Musk’s leadership, a compelling brand, and improved execution. ” Based on this, Tesla has access to low-cost capital, which is a “key advantage” that could “accelerate growth to almost 50% per annum over the next five years.”
Who will be next bearish analyst to finally capitulate to Tesla's excellent execution and growth prospects?