Tesla shares opened sharply higher on the New York Stock Exchange on Wednesday, with the arrival of promising new projects overshadowing lackluster quarterly results.

A few minutes after the opening, the electric vehicle manufacturer's stock was up by more than 11%, while the S&P 500 was up by just 0.3% at the same time.

Last night, the group headed by Elon Musk reported a first-quarter performance well below consensus, but this disappointment was widely anticipated by the market, as illustrated by the almost 40% decline in the share price since the start of the year.

On the positive side, Tesla reported a number of reassuring elements, starting with the prospect of higher sales volumes this year, although no figures were given.

In a reaction note, Bank of America analysts welcomed the absence of bad news, but also praised the appearance of a number of positive factors, which led them to return to buy on the stock.

With its comments, the management team was able to reassure on major points of concern and reawaken the growth promise of the dossier", they point out.

In its study, BofA says it is highlighting the prospect of major investments in AI and the possibility of licensing agreements with other manufacturers on its "FSD" 100% autonomous driving technology.

Its price target of $220 thus reveals a 52% upside potential.

UBS is more cautious, although it is delighted at the prospect of the launch of an entry-level model, a different project from the 'Model 2', which it believes will enable Tesla to better control its investments.

However, the analyst believes that this prospect raises more questions than it answers.

"Musk has mentioned a possible launch in early 2025, but Tesla has already encountered difficulties in the simple modernization of existing models in the past", points out the intermediary.

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