Tesla is starting 2023 from behind after posting a brutal yearly loss for 2022, but investors may not want to write off the stock yet, Neuberger Berman analyst Daniel Flax said Monday. Flax said on CNBC’s ” Squawk Box ” that the electric vehicle maker could be a big buying opportunity at current levels, calling it a leader in its field and highlighting its ability to introduce new services to its suite of offerings. On Friday, Tesla briefly fell to its lowest level since August 2020 after the company cut prices for its Model 3 and Model Y vehicles in China. It ended the week down 8%, which was after posting about a 65% decline for 2022. TSLA YTD mountain Tesla shares fell 8% in the first week of the year “I would be a buyer at current levels,” Flax said, declining to give a specific target. “If the automobile growth is there over the next couple of years and the free cash flow growth continues, I expect to see the shares significantly higher,” he added. “It will of course be volatile, but if they execute, I think they will overcome some of the cyclical dynamics that we’re certainly seeing in the near term.” Flax, whose firm manages more than $400 billion in assets, isn’t alone in his long-term optimistic view about Tesla. Despite the recent demand pressures and tumble in its share price, several Wall Street analysts see a buying opportunity for Tesla in 2023 and reiterated their buy or outperform ratings on the shares last week.
Tesla is a buying opportunity at current levels, says Neuberger Berman analyst