By Dhirendra Tripathi
Investing.com – Tesla (NASDAQ:) shares rose 1% Friday, a bounce after Morgan Stanley (NYSE:) reiterated its overweight on the stock after the recent battering.
Analyst Adam Jonas also reiterated his $900 target for the stock, a level last seen in January. The stock is since down by more than one-third, an opportunity Jonas believes should be grabbed.
The analyst thinks much of the concern around the electric vehicle maker, particularly its reported troubles in China, are overblown.
A Reuters report Tuesday said the company has halted plans to buy land to expand its Shanghai plant and make it a global export hub. Tesla had earlier considered expanding exports of its China-made entry-level Model 3 to more markets, including the U.S.
Neither of the stakeholders, Tesla or the Shanghai government, has commented on the matter.
Thursday, Tesla decided to drop as an option to buy its vehicles because of what its CEO Elon Musk said was “rapidly increasing use of fossil fuels for Bitcoin mining and transactions.”
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