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Stocks  | August 17, 2020

Tesla bears are capitulating—finally.

The stock caught upgrades from two bearish analysts over the past 24 hours.

First, Morgan Stanley Adam Jonas upgraded shares to the equivalent of Hold from Sell, while raising his target price for shares to $1,360 from $1,050.

Then Bank of America analyst John Murphy raised his rating to Hold from Sell. Murphy more than doubled his price target, which went to $1,750 from $800.

The upgrades come a little late. Tesla stock has more than doubled over the past three months, and have gained 287% in 2020. It’s gained another 3% to $1,670 Friday morning.

Murphy points out that a rising stock price makes it easier to raise money, while Jonas believes Tesla’s battery technology is more valuable than he previously thought.

Tesla bulls might rejoice at the conversion of two bears, but 13 out of 36 analysts continue to rate the stock the equivalent of Sell. Only six analysts rate Tesla shares Buy. Only six have been right so far.

Valuation has been the biggest point of contention. Tesla is worth $800,000 per car delivered, more than 100 times the valuation of Ford and General Motors.

Just remember: Expensive stocks are often controversial, but they’re often expensive for a reason.

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