{"id":51352,"date":"2023-08-21T23:03:29","date_gmt":"2023-08-22T03:03:29","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/tesla-stock-snapped-a-losing-streak-these-catalysts-are-helping-says-analyst\/"},"modified":"2023-08-21T23:03:32","modified_gmt":"2023-08-22T03:03:32","slug":"tesla-stock-snapped-a-losing-streak-these-catalysts-are-helping-says-analyst","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=51352","title":{"rendered":"Tesla Stock Snapped a Losing Streak. These Catalysts Are Helping, Says Analyst."},"content":{"rendered":"
\n
<\/p>\n

<\/p>\n

<\/p>\n<\/figure><\/div>\n

\n Tesla
\n stock snapped its losing streak\u2014big time. The market and Wall Street both helped. <\/p>\n

Coming into Monday trading, shares of the EV leader had dropped for six consecutive days and 13 of the past 14. Shares were down almost 10% over the past six trading sessions and 17% over the past 14. A mix of a market slide, fears over electric vehicle pricing, and Chinese economic woes weighed on investor sentiment. <\/p>\n

\n

Coming into the week, the
\n Nasdaq Composite
\n was off about 7% over the past 14 trading days as bond yields rose. Citi analyst Jeff Chung counted 23 price cuts at other electric vehicle companies in China in the first couple of weeks of August. What\u2019s more, China Evergrande\u2019s bankruptcy filing this past week has stoked fears about the health of the Chinese economy. China is the largest market for new cars and new EVs. <\/p>\n

\n Tesla
\n stock shook all that off Monday. Shares gained 7.3%, closing at $231.28, while the
\n S&P 500
\n and Nasdaq rose 0.7% and 1.6%, respectively. <\/p>\n

One reason for the big bounce is Baird. Monday, the broker put out its list of \u201cbest ideas\u201d following second quarter earnings. Analyst Ben Kallo put Tesla on the list. He acknowledges that price cuts will impact profit margins, but sees several catalysts coming in the coming months, including \u201cCybertruck launch, a wider-scale adoption of FSD [Full Self Driving Software], continued growth in the Energy business, expanding into new markets, and a possible AI Day.\u201d <\/p>\n

FSD is short for Full-Self Driving and is Tesla\u2019s top-level driver assistance software. As FSD improves, with the help of AI training, more people are likely to buy it. FSD costs $15,000 or can be paid for via a monthly subscription. <\/p>\n

As for Cybertruck, the pickup launched in 2019 is due to be delivered to customers any day now. It\u2019s the first new model for the company since the Model Y was first shipped in 2020. <\/p>\n

Tesla\u2019s energy storage business has enjoyed strong momentum so far in 2023. The company has deployed 7.5 gigawatt-hours of battery storage in the first two quarters of 2023, up about 280% year over year. <\/p>\n

Energy storage falls into the category of non-auto sales. Tesla\u2019s non-auto business accounted for about 15% of total sales in the second quarter, up from about 14% in the second quarter of 2022. <\/p>\n

Along with Tesla, Kallo named a few other best ideas including, lithium miner
\n Albemarle
\n (ALB), solar firms
\n Hannon Armstrong Sustainable Infrastructure Capital
\n (HASI) and
\n Sunnova Energy
\n (NOVA), biofuels player
\n Darling Ingredients
\n (DAR), and battery start-up
\n Fluence Energy
\n (FLNC). <\/p>\n

He rates all the stocks Buy. His price target for Tesla is $300 a share. Targets for
\n Albemarle
\n and Fluence are $288 and $36, respectively. Targets for Hannon and Sunnova are both $44 a share. His Darling price target is $104. <\/p>\n

Write to Al Root at allen.root@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Tesla stock snapped its losing streak\u2014big time. The market and Wall Street both helped. Coming into Monday trading, shares of the EV leader had dropped for six consecutive days and 13 of the past 14. Shares were down almost 10% over the past six trading sessions and 17% over the past 14. A mix of […]<\/p>\n","protected":false},"author":1,"featured_media":51353,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-51352","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nTesla Stock Snapped a Losing Streak. These Catalysts Are Helping, Says Analyst. | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Tesla stock snapped its losing streak\u2014big time. The market and Wall Street both helped. 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