Tesla Just Lost One of Its Biggest Bears, but Is the Stock a Buy?
J.P. Morgan recently raised its price target on Tesla by more than 3x.
Tesla Just Lost One of Its Biggest Bears, but Is the Stock a Buy?
Overview
When it comes to Tesla (NASDAQ: TSLA), J.P. Morgan has long been one of the most bearish investment firms on Wall Street. However, that recently changed when it switched coverage to a new analyst and upgraded the stock.
With Rajat Gupta taking over for vocal Tesla bear Ryan Brinkman, the new analyst took the stock from underweight to neutral and raised the stock's price target from $145 to $475. Notably, the upgrade and huge boost in price target come just ahead of J.P. Morgan receiving a big payday from the SpaceX initial public offering (IPO). Tesla and SpaceX share a CEO in Elon Musk, and J.P. Morgan has been aggressively pitching the IPO to its clients to generate more interest in the massive offering.
Image source: The Motley Fool.
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Originally published at www.fool.com.
