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Bank of America admits ‘rude awakening’ for its bearish Tesla call, but still predicts plunge

January 29, 2020

Via: CNBC

Tesla bear Bank of America was forced to hike its forecast on the electric carmaker’s stock, after its massive rally has left the bank’s old target in the dust.

Analysts at the bank reiterated their underperform rating on Tesla, while raising its 12-month price target on Tesla to $350 from $240 on Wednesday. The new target is still far below Tesla’s Tuesday close of $566.90, representing a 38% drop.

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