Tesla Inc (NASDAQ: TSLA) stock jumped 7.8% on Tuesday following an upbeat mood regarding growth stocks and the recent optimistic notes from analysts about the EV maker.
Several tech stocks inched higher on Tuesday, with the Nasdaq composite up 1% and growth stocks such as Tesla up more percentage points. It seems growth stocks are rebounding from the recent slump experiences in February and early March.
Credit Suisse analyst Dan Levy’s Q1 earnings per share forecast for Tesla was ahead of the average analysts’ estimates for the period. Levy believes that Tesla will deliver more vehicles this year than expected, with 929,000 deliveries. Canaccord Genuity research analyst Jed Dorsheimer said that Tesla has done a fantastic job in the automobile sector with EVs.
Most importantly, Tesla has seen a major change, pivoting from high-price low-volume wealthy person’s cars to low-price high-volume with Model Y and Model 3 cars. The company is also in a position to deploy and go tin energy storage on a utility-scale and home battery side. Going forward, Tesla is a stock to watch.