Tesla Inc (NASDAQ:TSLA) shares are trading higher Monday amid overall market strength.
Upbeat results from Wall Street banks are helping fuel the rise in traditional markets Monday. Investors continue to weigh the potential for rate hikes from the Federal Reserve, as well as looming recession concerns.
Barclays analyst Brian Johnson maintained Tesla with an Underweight rating and raised the price target from $370 to $380 ahead of the company’s earnings results. Johnson expects Tesla’s results to modestly beat earnings estimates despite prolonged lockdowns in China during the quarter.
Tesla is set to announce its second-quarter financial results after the market closes on Wednesday. The company is expected to earn $1.98 per share on quarterly revenue of $17.39 billion, according to data from Benzinga Pro.
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Tesla is trending across social media platforms. It was among the top trending tickers on Stocktwits at press time. Tesla was also the most mentioned ticker on r/wallstreetbets over the last 24 hours.
TSLA Price Action: Tesla has traded between $1,243.49 and $620.57 over a 52-week period.
The stock was up 4.06% at $749.49 at time of publication.
Photo: courtesy of Tesla.
