Despite tough 2022, Tesla is still one of Wall Street’s favorite carmakers

Tesla (NASDAQ:TSLA) had its worst year in 2022, but the electric vehicle company is still one of Wall Street’s favorite carmakers. Despite Elon Musk losing favor from some of his most ardent supporters onilne, analysts appear to be generally positive about Tesla.

As per data tracked by FactSet, 64% of analysts covering Tesla currently have a “Buy” or “Overweight” rating on the EV maker. For a company like Tesla, which tends to attract the attention of bears and short-sellers constantly, this is extremely impressive. It’s also the highest share of bullish analysts since the end of 2014.

So far, analysts following Tesla maintain a median price target of $194 for the electric vehicle maker’s shares. This represents an upside of 26% from the company’s $143.75 per share closing price on Monday.

Whether the Tesla analysts’ optimism is well-founded or not remains to be seen. But the wait would likely not be long as Tesla would be holding its Q4 and FY 2022 earnings call this Wednesday. Tesla executives are expected to provide details of the company’s performance in the past quarter and perhaps some forecasts for the coming year during the earnings call.

As noted in a report from The Wall Street Journal, numerous analysts are bullish about Tesla despite all the controversy attracted by the company and its CEO because of one simple thing: the EV maker is simply the dominant force in the electric vehicle sector. This could be seen in Tesla’s results from the past year in the United states.

Market research firm Motor Intelligence has reported that sales of electric cars in the US actually saw an increase last year, despite an 8% decrease in overall auto sales. While experienced carmakers such as Ford, GM, and Hyundai have initiated efforts to release more EVs in recent years, they have yet to catch up to Tesla by a significant margin. Motor Intelligence noted that Tesla accounted for 65% of electric cars sold in the US last year. The other automakers accounted for the rest.

Disclosure: I am long TSLA.

Don’t hesitate to contact us with news tips. Just send a message to simon@teslarati.com to give us a heads up.

Keyword: Despite tough 2022, Tesla is still one of Wall Street’s favorite carmakers

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