J.P. Morgan Upgrades Tesla Stock Amid Analyst Change
J.P. Morgan upgraded Tesla’s stock from underweight to neutral on October 9, 2023, with new analyst Rajat Gupta replacing Ryan Brinkman. The price target was raised significantly from $145 to $475, coinciding with J.P. Morgan’s efforts to attract interest in the upcoming SpaceX IPO. Gupta highlighted Tesla’s unique advantages in vertical integration and its potential in sectors like robotaxis and AI, estimating a $3.9 trillion opportunity.
Gupta’s adoption of a bullish stance contrasts sharply with Brinkman’s long-term bearish view, which focused on Tesla’s high valuation relative to traditional automakers. Gupta acknowledged the frothy valuation, noting challenges that could arise as the market adjusts to having both Tesla and SpaceX stocks trading on aspirations for future innovation.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
