Yesterday, EV maker Tesla (NASDAQ:TSLA) delivered a 56% top-line growth for the third quarter coupled with a significant jump in its bottom line.
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Nonetheless, amid a plethora of global challenges including rising costs, currency gyrations, and logistics, Wall Street is scaling back price targets for the stock.
Today, a number of analysts including from RBC Capital, Deutsche Bank, Cowen & Co., and Wolfe Research have lowered the price target on the stock. RBC Capital’s Joseph Spak has reiterated a Buy rating on Tesla while decreasing the price target to $325 from $340.
While short-term margin and demand challenges exist, Spak sees the company notching a 30% gross margin in the bigger picture.
Overall, the Street remains cautiously optimistic about Tesla with a Moderate Buy consensus rating based on 19 Buys, seven Holds, and four Sells.
Further, the average analyst price target of $320.28 still indicates a hefty 50.35% potential upside in the stock.
But that’s after a nearly 47% slide in the share price so far this year.
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