Shares of Tesla (NASDAQ: TSLA) are down over 5% in today’s trading session, as the stock hit its lowest price since 2020. This can be attributed to a potential return to lockdowns in China as COVID-19 cases began spiking again.
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Given that Tesla has a Gigafactory in Shanghai, there are fears that it may be forced to shut production once again. This would have a material impact on its financial results as the China factory is a major driver of profits.
Is TSLA Stock a Buy?
TSLA stock has a Moderate Buy consensus rating based on 19 Buys, seven Holds, and three Sells assigned in the past three months. The average TSLA stock price target of $308.94 implies almost 82% upside potential.
