Tesla stock woes have caught the attention of one noted Wall Street bear on the EV maker.
Citi analyst Itay Michaeli upgraded his rating on Tesla to Neutral from Sell on Wednesday, viewing the company losing more than $600 billion in market cap from November 2021 highs as nearing overdone.
“We believe the year-to-date pullback has balanced out the near-term risk/reward,” Michaeli wrote in a note to clients.
The analyst served up several reasons for the valuation-based upgrade.
“(1) With the…
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