Tesla sentiment improves as Citi pulls Sell rating, Wedbush looks past Twitter drama
Justin Sullivan

Citi upgraded Tesla (NASDAQ:TSLA) on Wednesday to a Neutral rating after having the electric vehicle stock slotted at Sell.
Analyst Itay Michaeli and team believe the year-to-date pullback has balanced out the near-term risk/reward profile.
Key points that helped Citi move off a bearish stance are the multiple contracting to ~30x 2023 EPS, a constructive view on EPS starting in Q4 of 2024 and Tesla's long-term competitive position likely also improves and potentially further enhanced by Inflation Reduction Act. Citi's new price target on TSLA is $176. 
Wedbush Securities was also out on Wednesday with a positive update on Tesla (TSLA). Analyst Dan Ives forecast TSLA is on track for the 430K to 450K range of units in Q4, which he thinks should be taken as a sign of confidence for Tesla bulls navigating the persistent Twitter overhang situation. Ives still thinks that Musk must reassure investors over the coming weeks and months that the Twitter soap opera will not interfere with the longer term Tesla (TSLA) growth story.
Wedbush Securities has a 12-month price target of $250 on TSLA.
Shares of TSLA moved up 2.10% in premarket trading on Wednesday.
Read about Elon Musk's recent comments on investing in South Korea.