JPMorgan just did something it hasn’t done in nearly a decade: stopped telling investors to sell Tesla.
The bank upgraded Tesla from Underweight to Neutral on June 5, while simultaneously jacking its price target from $145 to $475. That’s a 228% increase in one move.
New analyst, new era
The upgrade coincides with a changing of the guard. Analyst Rajat Gupta has taken over Tesla coverage from Ryan Brinkman, who maintained a bearish Underweight rating on the stock for approximately eight years, dating back to 2018.
Brinkman’s thesis was rooted in Tesla’s fundamentals as a car company. Gupta’s thesis is rooted in Tesla as something else entirely.
