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In the Premarket trading session on Friday, Tesla’s stock was trading at 336.60- higher by 1.89% as compared to its previous close.
Investment bank Morgan Stanley raised its bull case price target on the company’s stocks to $500 per share from $440 a share on Friday. The investment bank’s overall price target for Tesla, however, remains at $250. Morgan Stanley also said that the bull case could play out if Cybertruck is a success and the new factory in China exceeds analyst estimates.
The investment bank expects the electric carmaker to sell 100,000 Cybertrucks by the end of 2024, at an average price of $50,000. Morgan Stanley expects the automaker’s Gigafactory in China to reach a production rate of 450,000 units a year by 2024/2025. The investment bank’s new bull case price target represents an upside of 50% from the company’s current share price.
On the technical front, the current price is above the MA5 and the MA50. The current price is below the middle line of the Bollinger Bands but is heading upwards. The stock is expected to trade higher today.
TRADE SUGGESTION- LIMIT BUY AT 336.50 TAKE PROFIT AT 339.10 STOP LOSS AT 335.20