Elon Musk, led by a company that is undeniably the current global leader in the electric vehicle market, reports surprisingly strong first-quarter delivery numbers earlier this week, as most car manufacturers are grappling with a chip shortage that has forced production to halt.
Regardless, Tesla stock has been stuck in a rut over the past month and has dropped about 3% this year. The stock is up 743% last year.
The bill, which includes shopping incentives, charging infrastructure and network improvements, will benefit Tesla, which has more EV products in its development stage than most manufacturers, Jonas said.
Morgan Stanley has a Tesla equivalent rating and a target price of $ 880. Analysts’ average target for equities is $ 651 with 17 buy, 13 hold and 12 sell recommendations.
Tesla shares fell 2.1% to $ 677.13 at about 1:30 pm in New York trading Wednesday.