Tesla Inc CEO Elon Musk dances onstage during a delivery event for Tesla China-made Model 3 cars in Shanghai, China January 7, 2020.
Aly Song | Reuters
More than a dozen Wall Street firms have adjusted their ratings or price targets for Tesla shares since the beginning of the year, playing catch-up after stock of Elon Musk’s electric carmaker more than doubled in the past three months.
Analysts who missed the rally have tried to explain away why they were wrong on Tesla’s stock. Some skeptics even stuck by bearish outlooks, while they simultaneously were forced to increase their price targets to accommodate for the rally. For example, Credit Suisse, which has a sell rating, tried to explain that Tesla’s blistering climb was still within their expectations, because “Tesla can be a volatile momentum stock in either direction given very wide theoretical scenarios for the company.”
“To us, it’s not necessarily about being bearish or bullish but rather risk/reward. The potential [long term]…