Tesla stock gets price target increase amid weakness

Analysts at Mizuho raised their price target on Tesla Inc.
TSLA,
+0.85%
shares to $300, from $230, representing an upside of about 9% over Friday’s prices. They kept their rating on the stock at buy. June auto sales were “strong” but weakness may be ahead for the sector, the analysts said. “We continue to see high prices remaining … with offsetting factors including inventory builds (dealer inventory up 74% y/y) and softer demand, which could be headwinds,” they said. Tesla shares have gained 130% this year, compared with an advance of about 15% for the S&P 500 index.
SPX,
+0.19%
The stock is looking at a weekly gain of more than 5% despite losses on Friday and the previous session.