One Wall Street Analyst Sees 71% Growth in Tesla Stock.

Tesla (NASDAQ: TSLA) had good 2023. Stock rose about 102% and the Model Y became the best-selling automobile. In 2023, the company faced a software upgrade issue, CEO scandal, a Berlin Giga plant fire, and a vicious price battle with Chinese EV manufactures

Tesla shares fell 41% from its 52-week high. One analyst thinks Tesla will turn the turnaround despite the ominous clouds.

Has Tesla bottomed? Wedbush analyst Dan Ives maintained an outperform (buy) rating on Tesla stock but lowered his price objective to $300 from $315. That's a 71% gain over the next year from Thursday's close. Ives called Q1 "a nightmare quarter" due to a "perfect storm" that hurt sales.

Though bullish over the long term, Ives expects softer deliveries to "rip the band-aid" off Tesla investors' quarter.

The stock will likely stay volatile in the next weeks. Tesla will disclose Q1 deliveries on April 2, but investors shouldn't expect much. Recent estimations put the figure closer to 420,000 than analysts' consensus estimate of 471,000.

Tesla's margins and profitability may have suffered from China's price battle. Either or both might hurt market sentiment and lower the stock.

However, this perfect storm may be subsiding. Tesla announced a $1,000 Model Y price increase in April. In North America, the business installs full self-driving (FSD) by default and offers test drives to demonstrate the technology, which might raise revenue.

Tesla has overcome obstacles and grown. Tesla's valuation is reaching a four-year low at 4 times projected sales. Buyers should act now before the rebound.

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