Tesla added to ‘Best Ideas List’ at Wedbush

Wedbush added Tesla (TSLA) to the firm’s “Best Ideas List” while reiterating an Outperform rating on the shares with a $550 price target The firm says there have been number of times in the Tesla story over the past decade that negative sentiment and Wall Street worries “have overshadowed the narrative of this unique disruptive global tech story.” Wedbush says “the time has come” and believes “this is a gut check moment for the Tesla bulls after this massive selloff in Tesla shares with fears mounting.” This is the start of the “biggest innovation and technology cycle in Tesla’s history ahead over the next few years,” the analyst tells investors in a research note. Wedbush expects a lower cost sub-$35,000 new model before this summer that will help drive pent-up electric vehicle consumer demand globally and get Tesla “back on the growth track.” It also believes autonomous and Optimus will represent 90% of the valuation of the Tesla story and create a company with a valuation that exceeds $2 trillion.