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Elon Musk May Shift Down Role at Tesla, Analyst Says

Annie Gaus

Tesla got a vote of confidence from an analyst on Friday, but the upgrade came with an intriguing suggestion. Citing a "structurally lower capex profile and improved balance sheet risk," Jefferies' Philippe Houchois upgraded the stock to "buy" from "hold" and placed a price target of $450 on the electric-car company. In its latest earnings, Tesla reported improving Model 3 margins and free cash flow.