An employee assists customers at a Tesla store on January 23, 2021 in Wuhan, Hubei province, China.
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The record quarterly vehicle delivery numbers that Tesla reported on Friday marked a “paradigm shift” for the electric car maker and those considering investing, according to Wedbush.
The brokerage upgraded Elon Musk’s automaker to a performance rating of neutral and told customers that Tesla’s first quarter delivery numbers show that pent-up demand for its Models 3 and Y is reaching its next stage of growth.
“Although the EV sector and Tesla’s shares are under significant pressure so far this year, we believe the tide is changing and the ‘bouncing’ delivery numbers from China cannot be ignored,” wrote Daniel Ives, an analyst at Wedbush .