It’s not time to buy shares of Tesla, despite recent analyst optimism, one trader says.
The electric-auto maker’s stock climbed nearly 2% on Wednesday after Deutsche Bank reiterated its buy rating, saying no U.S. competitor “comes close” to Tesla’s market leadership, and New Street Research issued a Street-high price target nearly 48% above Tuesday’s closing levels.
Though the stock is down about 6% since Nov. 1, this is far from an ideal entry point, Tocqueville Asset Management portfolio manager John Petrides told CNBC’s “Trading Nation” on Wednesday.
“Take a step back and ask yourself, if you didn’t own the stock today, would you buy it? And it’s hard to get on board from a fundamental…