Tesla (TSLA)

Jan 11, 2022Trade Ideas

TSLA Chart by TradingView

With the electric vehicle boom accelerating, weakness in Tesla (TSLA) may be an opportunity.

After failing at double top resistance, the EV stock appears to have caught strong support just around $1,058 a share. Better, this morning, “Morgan Stanley analyst Adam Jonas raised the firm’s price target on Tesla to $1,300 from $1,200 and keeps an Overweight rating on the shares. The analyst said Q4 deliveries were 20% above his forecast,” according to TheFly.com. “Jonas believes there are signs that the company is accelerating its lead over its EV peers, which should not be construed as a positive for the broader sector.”

Plus, with governments all around the world pushing for bigger EV sales, Tesla is sure to benefit. In fact, the U.S. for example wants about 50% of all car sales to be electric by 2030. In addition, by 2030, it’s expected we’ll see up to 125 million electric vehicles on the road.

And, according to a new study by Ernst & Young, electric vehicles could outpace combustion engines in the next 12 years in the U.S., Europe, and China, according to The Street. “By 2045, non-EV sales were seen plummeting to less than 1% of the global car market.”

That’s all bullish for EV companies like Tesla long-term.

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