Tesla stock surges after news of stock split, Baird analyst maintains neutral rating and price target

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Shares of Tesla Inc. TSLA,
-3,11%
climbed 6.1% in pre-market trading on Wednesday, after falling 7.7% amid a 3-day losing streak, following the carmaker’s announcement power of a 5-to-1 stock split. Baird analyst Ben Kallo reiterated the neutral rating he had on the stock since Jan. 9, while maintaining his price target of $ 1,658, or roughly 21% above Tuesday’s closing price of $ 1,374.39. “We believe the equity split is a recognition that the market is increasingly influenced by individual investors, including those looking to gain exposure to next-generation transport,” Kallo wrote in a note to clients. “The day-to-day strength of stocks indicates that investors are choosing to buy stocks that are positioned to benefit from the current round of upgrading technology around transportation, renewables, and the software that enables both. The stock has more than tripled (up 228.5%) since the start of the year through Tuesday, while the S&P 500 SPX,
-0,79%
edged up 3.2%.

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