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Tesla Surges Over 10% in Two Days: Can the Rally Continue?

Source Tradingkey

TradingKey - Tesla's stock has soared in the past two days, but analysts recommend selling and have lowered the target price to $170.

On Wednesday, Tesla Inc (TSLA) rose another 7.59%, reaching $248. Over the past two days, Tesla's stock has surged by a cumulative 11%.

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Tesla Stock Price Chart, Source: TradingView.

On December 18 last year, Tesla's stock price surged to $488 but has since continued to decline, with a sharp drop of over 15% on March 10. Despite the recent two-day rebound, Tesla's stock remains nearly halved, down 49% from its peak.

Guggenheim analyst Ronald Jewsikow is not optimistic about Tesla's future performance, citing declining profitability in Tesla's electric vehicles, weak demand for the updated Model Y, and the "political noise" surrounding CEO Elon Musk, which has fueled protests.

Ronald Jewsikow advises investors to take advantage of the rebound to continue selling Tesla stock and has lowered the target price from $175 to $170, which was the low point in June 2024.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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