Tesla gets an upgrade at Credit Suisse as COVID-19 disruption makes it 'competitively better positioned' [MarketWatch]
Tesla, Inc. (TSLA)
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Source: MarketWatch
Credit Suisse analyst Dan Levy ended his bearish call on Tesla Inc. shares Tuesday, arguing that the company becomes "competitively better positioned" due to the disruptions brought on by the COVID-19 outbreak. He upgraded the stock to neutral from underperform while upping his target price to $580 from $415. Tesla now "competitively has more edge in the transition to EV as coronavirus disruption will make it more difficult for legacy automakers to balance the long-term shift to EV in the face of near-term cycle disruption," Levy wrote. Traditional car companies must make "tough choices in product investment." Still, Levy questions whether Tesla will be able to ramp up supply and he estimates that the shutdown of the company's Fremont factory could be driving $300 million a week in cash burn. The shares are up more than 7% in premarket trading Tuesday. They've increased 56% so far this year as the S&P 500 has lost 15%.
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