Tesla is down 61% in 2022 which has some investors talking value
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Tesla (NASDAQ:TSLA) is being watched closely as the selling pressure on the EV stock has ratcheted over the last few weeks on a flurry of developments.
As for the latest, the electric vehicle maker has doubled discounts on several models to $7,500 in U.S. as it makes its typical late-year push to rack up more sales. Of note, the Model 3 and Model Y electric vehicles discounts only apply to vehicles delivered this month.
The timing of the discount is strategic with the $7.5K tax incentive back in place on January 1 due to the new rules on U.S. federal tax credits.
Shares of Tesla (TSLA) have been in a strong downtrend over the last few weeks and carved out a new multi-year low of $135.89 on Thursday. Still, retail net buyers of TSLA stock have been on the rise since October per tracking by Vanda Research and some longtime bulls on Wall Street are seeing value at the reduced price.
Notably, Morgan Stanley reiterated its Overweight rating on Tesla (TSLA) and price target of $330 (139% upside). Analyst Adam Jonas and team are looking for Tesla (TSLA) to use its cost and scale advantage as a competitive force.
"Teslaâs price cuts started in China and we expect them to quickly spread to Europe and the US. While circular in nature, lower EV prices are important for the next leg of mass adoption, but depress the returns of many of the companies expected to compete against Tesla."
On Seeking Alpha, author Brett Ashcroft Green said a recessionary environment entering 2023 should give investors a greater chance to buy Tesla (TSLA) at a discount for possibly the first two quarters of the year before a Fed pivot in the summer sends tech and growth stocks bouncing well off the bottoms. Read more on the value case for Tesla.
The Seeking Alpha Valuation Grade on Tesla is still stuck at D-.