Morgan Stanley reiterated Tesla as a 'top pick' with a $220 price target — giving it over 20% potential upside.
It's been a game of two halves for Tesla over recent months. Just last week, the electric-vehicle maker's stock leaped by more than 30% following its earnings announcement . This year so far, Tesla shares are up by around 44%. These moves come on the back of a couple of developments: last week the company reported fourth-quarter earnings and revenue that topped analyst projections; and earlier in January, it cut prices in the U.S. and Europe in a bid to boost demand.
"We continue to believe that the company is well positioned for long term growth given its leadership position both in terms of cost structure and as a full solution provider in clean mobility," the bank said. Its price target on the stock is $200. Garrett Nelson, senior equity analyst at CFRA Research, predicts a "strong rebound" for Tesla shares in 2023, calling its risk/reward "highly compelling" at current levels.
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