Tesla Stock Slips After Opening Higher
Tesla stock opened up 5.5% at $410.50 before slipping. The initial rise was a surprise for two reasons.
For starters, earnings were relatively weak and guidance was “vague,” according to Morgan Stanley analyst Adam Jonas. Jonas is a Tesla bull. He rates shares Buy with a $430 price target for the stock.
Tesla reported earnings per share of 73 cents, helped by a one-time Bitcoin gain. Wall Street was looking for 75 cents. What’s more, Tesla said it planned to grow volumes in 2025, but there was no mention of CEO Elon Musk’s goal to grow by 20% to 30%.