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Trip Chowdry, co-founder of Global Equities Research, commented on Monday that Tesla Motors Inc (NASDAQ: TSLA) is a net beneficiary in a strong dollar environment.
Chowdry notes that 70 percent of Tesla's component suppliers are International and these components are used in 100 percent of Tesla's cars. Naturally, a strong dollar reduces the costs of 70 percent of its components, resulting in a net benefit for the company.
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Chowdry adds that 50 percent of Tesla sales are domestic while 50 percent is international. The international customer's sensitivity towards performance-related issues like acceleration and instant torque allows the negative pass through of the foreign exchange to be "easier."
Bottom line, Chowdry believes that Tesla is one of the best technology-related stocks to own in a strong dollar environment.
Shares are Overweight rated with a $385 price target.
Image credit: Steve Jurvetson, Flickr
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.