Shares of Tesla (NASDAQ: TSLA) rose on Thursday, following bullish analyst commentary. As of 1:05 p.m. ET, Tesla's stock price was up more than 2% after rising as much as 5.7% earlier in the day.
With its shares down 30% in 2022, UBS analyst Patrick Hummel believes now is the time to buy the electric vehicle (EV) leader's shares.
Tesla's swoon coincided with a broader decline in the stock market. Growth stocks were particularly hard hit, as fears of inflation and the possibility of a recession drove investors to rotate into more defensive investments.
Source Fool.com