Investment pro on Tesla stock: ‘any time you get the chance to buy it, buy it’
- Analysts remain bullish on Tesla despite the recent stock price drop
- One investment pro recommends buying Tesla stock at any opportunity.
- Chart pro Matt Maley predicts Tesla stock will 'move in a big way'
Despite a recent slump in Tesla, Inc. (NASDAQ: TSLA) stock price, the electric automaker still has plenty of support from Wall Street. Most recently, analysts from Mizuho Bank have maintained their Buy rating on Tesla despite the company’s stock dropping.
The rating is based on the company’s strong position in the global electric vehicle market and the proposed infrastructure plan developed by the Biden administration. Are other investment pros just as bullish? This was a topic of conversation during a recent CNBC “Trading Nation” segment.
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Michael Bapis, managing director of Vios Advisors at Rockefeller Capital Management said on “Trading Nation” that Tesla commands around 24% of the global electric automotive market. In addition, Tesla’s ambitious and innovative investment in space, electric vehicles, and clean energy has attracted attention from many circles. The company is expected to maintain its market command thanks to these innovative products.
According to Bapis, Tesla is projected to post strong sales and earnings results that could see the stock price go up. In addition, the company is expected to maintain its position as a market leader in the foreseeable future.
Tesla’s stock is expected to attract more institutional investors with its revolutionary ideas despite earlier concerns driven by overselling of the share. This is also a bullish indicator for retail investors. He explained:
Unless someone comes in and breaks through the difficult barriers to entry, you’re going to see this stock grow long term. Any time you get the chance to buy it, buy it.
Maley: Tesla stock could break ‘in a big way’
Tesla has experienced challenges with delays and shortages largely caused by the COVID-19 pandemic that caused lockdowns worldwide and affected production and distribution. However, Tesla is expected to rise above these challenges supported by its strong long-term market position and a high potential for growth.
Matt Maley, chief market strategist at Miller Tabak, also said on “Trading Nation” that Tesla’s stock has stagnated around its 200-day moving average for several months and has formed a descending triangle pattern. The upper end of the pattern reaches $650, while the lower end reaches $563. According to Maley, these two levels are very indicative and should be watched keenly.
In the past, when the stock has been stuck in this sideways range, once it breaks out, it starts to move in a big way. This should be no different,” Maley said.