Tesla stock bounces back, as longtime bearish JP Morgan analyst lifts price target

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Shares of Tesla Inc. TSLA,
-7,37%
rose 1.9% in pre-market trading on Monday, after falling 7.4% in the previous session, as a longtime bearish analyst raised his price target following the announcement of the company’s third-quarter deliveries of electric vehicles. JP Morgan analyst Ryan Brinkman, who had an underweight rating on Tesla stock for at least three years, raised his price target to $ 75, 82% below Friday’s closing price of 415 .09, compared to $ 65. It also increased its estimate of adjusted earnings per share for 2020 to $ 1.95 from $ 1.80, and its 2021 estimate to $ 2.50 from $ 1.85, to reflect third-quarter delivery data that exceeded his expectations. The consensus on the FactSet EPS is $ 1.81 for 2020 and $ 2.92 for 2021. “We remain underweight on [Tesla] equities, on what we see as high valuation coupled with high investor expectations and high execution risk, ”Brinkman wrote in a note to clients. Of the 37 analysts polled by FactSet, Brinkman is one of 11 on the downside in Tesla stock. two analysts with lower price targets, Andrei Zakharov of AlgoSun Global at $ 60 and Gordon Johnson of GLJ Research at $ 19. The average target for analysts polled by FactSet is $ 333.13, down 19.7% from Friday’s closing price. The stock has climbed 396.1% since the start of the year. to Friday, while the S&P 500 SPX,
-0,95%
edged up 3.6%.

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