Tesla gains after UBS upgrades and points to attractive entry point
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UBS upgraded Tesla (NASDAQ:TSLA) to a Buy rating after having the electric vehicle stock slotted at Hold.
The firm believes the operational outlook for Tesla (TSLA) is stronger than ever and sees an attractive entry point for growth investors.
"We expect Teslaâs vertical integration in semiconductors, software and battery to result in superior absolute growth and profitability in the years ahead," updated analyst Patrick Hummel.
Hummel and team think the market still underestimates how much better Tesla (TSLA) will fare than electric vehicle peers in terms of growth and profitability.
Earlier on Thursday, Tesla (TSLA) reported a big jump in China-made vehicles produced in May.
Shares of Tesla (TSLA) rose 3.35% in premarket action to $749.26. TSLA still trades below its 50-day, 100-day, and 200-day moving averages.