Piper Jaffray is out with some interesting notes today. The investment firm reiterates its overweight rating for Tesla shares, predicting the electric car maker will thrive in China’s auto market. Piper notes,”China could eventually be Tesla’s biggest source of revenue,” the firm’s analyst writes.
“If Tesla sidesteps [its] obstacles by making EVs locally, the company may be well-positioned to build on its recent successes … The company was wise to delay investment, but once these JV-related policy details are finalized, we expect Tesla to announce its China strategy in relatively short order.”
The analyst reaffirmed his $386 price target for Tesla shares, representing 12 percent upside to Tuesday’s close.
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I like the location of $TSLA here as long as it holds the 340 level. The trade is easy to manage with a stop under recent lows. I took a position here, and will be keeping my stop tight. The other side of this slope is steep. Developing….
