It’s only up from here for Tesla , according to New Street Research. In a Tuesday note, New Street analyst Pierre Ferragu stood by his buy rating on the beleaguered electric vehicle maker. Ferragu’s price target of $465 suggests 67% upside from where Tesla shares closed on Monday. While Tesla popped about 12% on Monday , the stock still ended the session 43% below its December all-time high. Shares have faced a tough few months, with controversies mounting around CEO Elon Musk ‘s dominant role within the Trump administration. In addition, the company is expected to post a rough first quarter, reflecting an anticipated decline in deliveries for the period on a year-over-year basis. Car shopping site Edmunds also recently reported that Tesla owners have been trading in their vehicles at record levels. TSLA 1Y mountain TSLA 1Y chart Ferragu pointed out that while Musk’s actions have grabbed headlines in the past — such as during his Twitter acquisition in 2022 — they ultimately did not have a materially negative effect on Tesla sales, and he doesn’t expect them to do so this time either. The analyst added that Tesla’s current problems are largely on the supply side, with demand in China remaining strong. Overall, he sees a roughly 5% decline in first-quarter deliveries year over year, “in line with recent expectations.” Ultimately, Ferragu thinks the electric vehicle maker will be able to rise above the short-term headwinds plaguing shares. “A bad quarter is in expectations. It will be the trough,” he wrote. “Some good reasons to buy the bottom.” Get Your Ticket to Pro LIVE Join us at the New York Stock Exchange! Uncertain markets? Gain an edge with CNBC Pro LIVE , an exclusive, inaugural event at the historic New York Stock Exchange. In today’s dynamic financial landscape, access to expert insights is paramount. As a CNBC Pro subscriber, we invite you to join us for our first exclusive, in-person CNBC Pro LIVE event at the iconic NYSE on Thursday, June 12. Join interactive Pro clinics led by our Pros Carter Worth, Dan Niles and Dan Ives, with a special edition of Pro Talks with Tom Lee. You’ll also get the opportunity to network with CNBC experts, talent and other Pro subscribers during an exciting cocktail hour on the legendary trading floor. Tickets are limited!
