TESLA STOCK MARKET ANALYSIS & PRICE PREDICTION| TESLA’S LATEST NEWS
27 Jan 2023
Tesla surges above $500 billion market cap as its post-earnings rally helps pare last year’s brutal rout
Tesla pierced above a market valuation of $500 million during Thursday’s stock rally.
The EV maker’s market cap remains far off its peak of about $1.2 trillion.
Upbeat guidance and record Q4 earnings set off Thursday’s stock surge, but analysts were mixed on the results.
Tesla pushed above a market valuation of $500 billion on Thursday after the EV maker’s record quarterly profit fuelled a rally that chipped further away at last year’s stock plunge.
The stock jumped as much as to 11.7% to reach $161.42 a share, propelling the company’s market capitalization to $510 billion.
The last time Tesla’s valuation closed above the half-a-trillion-dollar mark was in mid-December. Tesla shares through Wednesday’s close had climbed by 17% in 2023, following their 64% rout in 2022.
Tesla’s record fourth-quarter profit of about $3.7 billion and upbeat guidance late Wednesday set off the rally that helped repair some damage from its worst-annual stock loss ever.
Last year’s slide knocked the company from its valuation peak of about $1.2 trillion. Analysts and investors pointed to slower demand and Musk’s focus on his purchase of Twitter as factors that drove down the stock. It finished among the S&P 500’s 10 worst-performing stocks last year.
Following Tesla’s recent vehicle price cuts aimed at invigorating demand, the company projected vehicle deliveries of 1.8 million in 2023. If realized, that would top 1.31 million in 2022 deliveries by 37%.
While the stock jumped Thursday, Wall Street analysts were mixed on Tesla’s results. Wedbush raised its price target to $200 from $175 and reiterated it outperforming rating. JPMorgan said it viewed the car maker’s margin trajectory negatively and kept the company at an underweight rating with a $120 price target.
Tesla boss Elon Musk told analysts late Wednesday its vehicle price changes “make a difference for the average consumer.”
TESLA TECHNICAL ANALYSIS DAILY CHART:
In daily chart Tesla currently started trading in up channel.
Tesla is currently trading above all SMA.
RSI is in buying zone which shows bullishness. And stochastic is suggesting up trend.
Tesla immediate support level is at 145.13 & resistance level is at 160.03
HOW TO TRADE IN THIS WEEK
Tesla has made trend reversal by breaking previous week high and started trading in up channel; it will continue to trade upside until any trend reversal so, remain bullish on it