Tesla Motors Inc (NASDAQ:TSLA) will hit $225 per share if the oil market stabilizes and if the Model X proves to be a hit with the broader market if Guy Adami proves to be right.
According to the Fast Money trader in a discussion on CNBC, it’s unclear yet whether the stock price of Tesla Motors Inc (NASDAQ:TSLA) has decoupled from the movement of the oil market.
“$225 has been resistance on the upside was previous support. I think it trades and blows through that now. Has it decoupled from oil? I don’t know but oil does feel like it’s stabilizing at these levels for the time being. You get stabilization in oil [and] you get a decent broader market tape, Tesla gets to $225,” Adami said.
Adami and his colleagues at CNBC were reacting to positivity in the market session yesterday sparked in part by a note from Morgan Stanley (NYSE:MS) analyst Adam Jonas that essentially said that the firm is not worried by the automaker’s plan to spend a ton of money in the near future. Jonas, the Fast Money traders noted, is a “steadfast” bull on Tesla.
Tesla Motors Inc (NASDAQ:TSLA) and its founder and CEO Elon Musk have revealed recently that capital expenditure for the luxury electric car maker is expected to increase 50% for 2015.
Aside from the Morgan Stanley outlook, the flames of positivity were fanned by images of the Model X circulating on the Internet showing the electric SUV in different situations.
Brian Kelly said, however, that he would wait for a pullback before buying Tesla Motors Inc (NASDAQ:TSLA) stock.
Patrick Mccormack’s Tiger Consumer Management ended 2014 owning 271,408 Tesla Motors Inc (NASDAQ:TSLA) shares, down 9% quarter over quarter.
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