U.S. oil futures drop to lowest finish since mid-May

us.-oil-futures-drop-to-lowest-finish-since-mid-may

Read Next

Tesla stock selloff created ‘generational’ investment opportunity, analyst says

The recent selloff in Tesla Inc.’s stock undefined has created a “generational investment opportunity” in one of the most compelling growth stories, said CFRA analyst Garrett Nelson, as he believes the electric vehicle market leader has long-term potential similar to technology disruptors such as Apple Inc. undefined and Amazon.com Inc. undefined several year ago. Nelson believes the stock has been “unfairly punished” from a broad tech selloff, growing recession fears, COVID-19-related production issues, Chief Executive Elon Musk’s buyout bid for Twitter Inc. undefined and the effect of increasing competition and costs on earnings. The stock has tumbled 32.7% year to date through Tuesday, while the S&P 500 undefined has dropped 21.0%. “In our view, these factors have overshadowed several key positives in the Tesla story: exceptional operational and earnings execution, future production growth from the recent startup of the Austin and Berlin factories, dramatic balance sheet improvement, and an impressive pipeline of future products,” Nelson wrote in a note to clients. He said longer-term, his stock price target of $1,200, which implies 69% upside from Tuesday’s closing price of $711.11, will prove conservative.

Source: Marketwatch

Related Posts