Is Now the Time to Buy Tesla Stock (TSLA)? TipRanks AI Analyst Says Yes
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For context, TipRanks' A.I. Stock Analysis provides automated, data-backed evaluations of stocks across key metrics, offering users a clear and concise view of a stock's potential.
AI Score Spotlights Latest Earnings
Tesla stock earns a solid score of 73 out of 100 on the A.I. tool. Tesla's overall rating is supported by its financial performance which emphasizes encouraging growth prospects in its autonomous driving and energy businesses. Notably, Tesla's adjusted earnings per share came in at $0.40, matching analysts' expectations. However, the bottom line fell 23% compared to the same period last year.
Additionally, the tool highlights Tesla's latest earnings call summary, which carries a positive signal. Below is the screenshot for reference.
These fundamentals paint a positive long-term picture. However, from a technical and valuation standpoint, there are notable concerns. Technical indicators currently signal bearish trends. Moreover, Tesla's elevated price-to-earnings (P/E) ratio of 180 raises the possibility that the stock may be overvalued in the near term, pointing to potential short-term pressure on the stock.
Wall Street Is Also Bullish
On Monday, longtime Tesla bull and Wedbush analyst Daniel Ives reiterated his Buy rating, implying over 60% upside from the current levels. Ives stated that the Tesla board's approval of Elon Musk 's compensation package has cleared a significant overhang, potentially boosting investor confidence and removing a key source of uncertainty around the stock.
Similarly, Piper Sandler's Alexander Potter also reaffirmed his Buy rating on TSLA stock. Potter advised investors not to overreact to the recent Autopilot-related jury verdict against Tesla in Florida, stating that the case is less significant than headlines suggest.
Is Tesla Stock a Good Buy?
According to TipRanks, TSLA stock has received a Hold consensus rating, with 14 Buys, 15 Holds, and eight Sells assigned in the last three months. The average Tesla stock price target is $310.84, suggesting a potential downside of 1.6% from the current level.
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