Tesla: Canaccord Genuity upgrades to 'buy'

(CercleFinance.com) - Canaccord Genuity has upgraded the Tesla stock from "hold" to "buy" on Monday, citing - amongst other things - strong shipments to Europe and China.


"We believe the last two quarters and recent guidance for the first quarter have removed significant concerns for both production capability and profitability of the critical Model 3," the Canadian broker said.

"As such, we see a more stable 2019 with far fewer concerns for investors in the company," it added.

In particular, Canaccord thinks that the electric car penetration story has been "underappreciated" by Wall Street, and as a result, has raised its target price from 300 dollars to 450 dollars.

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