Tesla (NASDAQ: TSLA) stock has been on a tear so far in 2023, and the shares were up another 9% this week at one point. But an end to a multiple-day streak of gains has tempered the rise for the week. As of midday Friday, Tesla shares were still holding a gain of about 2.5% above last Friday’s close, according to data provided by S&P Global Market Intelligence.
The recent rise came as investors realized recent price cuts were more of a strategy to hold market share than a sign of desperation and demand destruction. Tesla began raising the price of its Model Y this week, signaling demand remains strong.
CEO Elon Musk also announced that the company’s Investor Day will be held on March 1, where the company will reveal Tesla’s Master Plan 3. Tesla followers are hoping to hear more from the company on the start of production of its Cybertruck, as well as any guidance on when another electric car model could be unveiled. But some analysts felt like the surge in the stock has played out for now, resulting in Tesla shares ending the week on a down note.
Morgan Stanley analyst Adam Jonas still likes Tesla stock, but thinks the recent “the window of opportunity” to buy shares at a compelling valuation has closed, since he values the shares at about $220. Jonas thinks the next catalyst will have to come from the Investor Day presentation.
BTIG analyst Jonathan Krinsky similarly thinks the recent string of up days has run its course and that investors should wait for further catalysts from here. The Fly shared that Krinsky thinks a share price range of $210 to $225 represents resistance.
Those opinions helped stall this week’s rally. But that’s understandable, considering the stock is still up almost 60% year to date. Investors should now stay tuned for what the company will say on March 1.
Find out why Tesla is one of the 10 best stocks to buy now
Our award-winning analyst team has spent more than a decade beating the market. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*
They just revealed their ten top stock picks for investors to buy right now. Tesla is on the list — but there are nine others you may be overlooking.
Click here to get access to the full list!
*Stock Advisor returns as of February 8, 2023
Howard Smith has positions in Tesla. The Motley Fool has positions in and recommends Tesla. The Motley Fool has a disclosure policy.