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Tesla: stock jumps, with BofA upgrade

( - Bank of America announced on Wednesday that it had upgraded its recommendation on Tesla shares from 'neutral' to 'buy' in the wake of the quarterly results published the previous evening by the electric vehicle manufacturer.

In its comments, the broker welcomes the absence of bad news, but above all praises the emergence of a number of encouraging factors which, in its view, point to a more favorable trajectory for the stock.

In particular, BofA believes that the management team has been able to reassure the market on major points of concern, while reawakening the growth promise inherent in the dossier.

In its study, the analyst points to the prospect of major future investments in AI and the possibility of licensing agreements with other manufacturers on its 'FSD' 100% autonomous driving technology.

He also highlights the prospect of future new model launches, this time with greater capital discipline, as well as the 'Robotaxi' driverless car project and the promise of cost reductions in excess of $1bn on an annualized basis.

The combination of all these factors will not structurally change the company's long-term development, but this change in tone suggests that the stock's path is now more on the upside, he concludes.

His target price of $220 therefore gives the stock 52% upside potential (cp: $162, +12%).

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