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Tesla stock receives upgrade to Outperform from Wolfe Research

Yahoo Finance anchors discuss an analyst rating on Tesla stock.

Video Transcript

SEANA SMITH: All right, my play today is Tesla. The stock getting upgraded by Wolfe Research to outperform. The company raising its price target to 360 a share. Now this implies a 33% increase from Tesla's closing price on Friday. The bullish call coming on Tesla comes after the firm also raised its 2025 EV penetration estimate for the US to 20% from 10%.

In his note to clients, the analyst wrote that the Inflation Reduction Act is the most, quote, "consequential development" for the US auto industry that we have seen in a very long time. So Tesla shares moving to the upside today, Dave, since the start of the year. The stock still off about 22%. But more and more analysts now becoming a little bit more bullish on Tesla on the heels of that new act that Congress just passed.

DAVE BRIGGS: Yeah, it is interesting, probably the biggest winner other than the solar industry of the IRA. And Master Musk never one to waste a moment on Twitter, putting out last night, order a Tesla Powerwall battery for blackout protection. Now the Powerwall usually not part of the investor story, but he certainly starts, as always, a very interesting conversation here because they are looking at rolling blackouts in California, as their power grid struggles to keep up with the heat.

And then this ties right back to EVs because we've discussed this before, California goes all EV by 2035, and yet doesn't have the power grid to yet support that or the chargers. So it really goes hand in hand, and you can't help but wonder how many of those Powerwalls will spread around California. And Elon is the winner of both of those stories.