After bears failed to pull Tesla (TSLA) stock below $170 since May 2024, buyers stepped in on Wednesday. Shares gained 4.81%, helped by an analyst at Stifel’s buy rating and $265 price target.
Analyst Stephen Gengaro is forecasting a robust multi-year growth phase. He cited a product refresh for both the Model 3 and Model Y vehicles. However, the analyst expects a Model 2 vehicle release to deliver growth.
The upgrade is questionable. Tesla’s sales cratered in the last quarter. Free cash flow is deteriorating, despite an aggressive staff cut and falling lithium prices. Still, the breakout in TSLA stock should continue as shares rise above $200.
Carnival (CCL) is now on a seven-straight-day winning streak. The company posted Q2 revenue of $5.78 billion, up by 17.7% Y/Y. Markets will reward investors who hold the stock for the long term. Tourism demand will drive booking volumes higher.
In the banking sector, Bank of America (BAC) has trouble breaking out above $40. It tried since May 22, 2024, to hold $40. As a global systemically important bank, BAC has a CET1 capital ratio of 9.1%. This is down from 11.8% in Q4/2023.