Tesla Stock Has 71% Upside, According to 1 Wall Street Analyst

In 2023, (NASDAQ: TSLA) saw some real positives. The stock climbed nearly 102% and the Model Y took the title of the world's top-selling car. But 2023 also had negatives, including a software upgrade problem, controversy involving the CEO, a fire at its Giga factory in Berlin, and a brutal price war with electric vehicle (EV) makers in China. Tesla stock has taken a beating, down 41% from its 52-week high.

Despite the dark clouds, one analyst thinks Tesla is about to turn the corner.

Wedbush analyst Dan Ives maintained an outperform (buy) rating on Tesla stock while lowering his price target to $300 from $315. That still represents an upside over the next 12 months of 71% from Thursday's close. Ives said Q1 was "a nightmare quarter" resulting from a "perfect storm" that weighed on sales. He expects softer deliveries will result in a "rip the band-aid" off quarter for Tesla investors, though Ives remains bullish over the long term.

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Source Fool.com