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Tesla Is One Of The Few 'Believable' Growth Stories Out There

Tesla Is One Of The Few 'Believable' Growth Stories Out There
  • The Steady Trader Head Trader Serge Berger was a recent guest on Benzinga's #PreMarket Prep.
  • Berger said that Tesla Motors Inc (NASDAQ: TSLA) is among one of the few "believable" growth stories in the market.
  • Buying shares of Tesla represents a "trade idea," although the stock may not test all time highs in the near-term.

Berger explained why he believes Tesla ranks as one of the few "believable" growth stories in the market "that the public is aware of."

Related Link: Tesla's Model X Is 'A Technology Masterpiece'

According to Berger, Tesla may be positioning itself as the "anti-Volkswagen," especially when taking into account Tuesday's official release of its new Model X SUV. The trader continued that while the Model X launch by itself is unlikely to boost the stock back to the $280 level and test its all-time high of $286.65, it still represents a "trade idea," especially in an environment where investor anxiety in the auto sector is elevated.

The conversation then shifted over to the technical, specifically the $256 area.

Host Joel Elconin pointed out that last Friday's low ($256.15), Thursday's low ($256.21) and a few other intra-day lows over the prior week ($255.80, $255.87) indicates that "someone has a huge opinion" at the $256 level. As such, this represents a "key level" and investors should keep that in mind before initiating a position.

Latest Ratings for TSLA

Jan 2021BairdMaintainsOutperform
Jan 2021JP MorganMaintainsUnderweight
Jan 2021OppenheimerMaintainsOutperform

View More Analyst Ratings for TSLA
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