\n
![](\"https:\/\/fortune.com\/img-assets\/wp-content\/uploads\/2024\/07\/GettyImages-2158237831-e1720094849974.jpg?w=2048\")
<\/p>\n [ad_1]
\n<\/p>\n
The swagger is back in Tesla\u2019s step.<\/p>\n
A few months ago, Elon Musk\u2019s company was the butt of every joke on Wall Street, a\u00a0growth stock with no growth<\/a>\u00a0to quote Wells Fargo<\/a>. Pundits began questioning why anyone still even included it among the high-flying\u00a0Magnificent Seven<\/a>\u00a0after Tesla trailed all 499 other stocks in the benchmark S&P index\u2014even the scandal-ridden Boeing<\/a>.<\/p>\n No longer. Just in time for the start of the second half, Tesla has fully recouped its year-to-date losses after adding an eye-watering $150 billion in value to its market cap over the span of just three days this week.\u00a0<\/p>\n $TSLA<\/a> investors right now pic.twitter.com\/yqa3efRxkc<\/a><\/p>\n \u2014 Teslaconomics (@Teslaconomics) July 3, 2024<\/a><\/p><\/blockquote>\n \u201cThe worst is in the rearview mirror for Tesla as we believe the EV demand story is starting to return to the disruptive tech stalwart,\u201d Wedbush Securities tech analyst Dan Ives wrote on Wednesday, upgrading his price target to $300 from $275 and reaffirming his \u201coutperform\u201d rating.\u00a0<\/p>\n Musk is now back to his brash old self,\u00a0exchanging<\/a>\u00a0one\u00a0fantastical growth target<\/a>\u00a0that defies human reason for\u00a0another<\/a> while warning any short seller that gets in his way will be \u201cobliterated<\/a>\u201d\u2014Bill Gates included.<\/p>\n After consolidating around $180 for the better part of two months, bulls see further room for gains after the stock broke above the\u00a0200-day moving average<\/a>\u00a0under heavy trading volume and now looks like it could snap the three-year downward trend.<\/p>\n Tesla $TSLA<\/a> has done it! 2.5 year downtrend finally broken \ud83e\udd73\ud83c\udf7e\ud83e\udec2 pic.twitter.com\/9kEQejJoNb<\/a><\/p>\n \u2014 Barchart (@Barchart) July 3, 2024<\/a><\/p><\/blockquote>\n When one popular pro-Tesla account reminded the fan community late last month of the 2019 words of ARK Invest\u2019s Cathie Wood regarding chart technicals that \u201cthe longer the base, the bigger the break out,\u201d Musk quickly\u00a0replied<\/a>: \u201cTrue.\u201d\u00a0<\/p>\n This belief the stock has bottomed out and is poised to continue its rally in the coming months is reflected in some of the fundamentals now emerging.<\/p>\n Tuesday\u2019s announcement of second-quarter vehicle deliveries for example was a stark contrast to the first quarter figures that badly missed even the most bearish of forecasts. After expectations had consistently fallen in recent weeks, Tesla finally managed to draw a line under the issue by beating consensus with a comparatively mild decline in car sales.\u00a0<\/p>\n Tesla’s second quarter sales beat estimates. \u2014 Liam Denning (@liamdenning) July 2, 2024<\/a><\/p><\/blockquote>\n Massive growth in its\u00a0lucrative energy storage business<\/a>\u00a0also helped support the argument it is not just an EV company, as deployment volumes more than doubled over the previous quarterly record.\u00a0<\/p>\n Many analysts and investors had until recently argued they needed to see an end to the downward revisions in earnings estimates before sentiment could sustainably improve.\u00a0<\/p>\n Following Tuesday\u2019s deliveries surprise, bulls like Ives\u2014who described the Q1 volumes as both a \u201cnightmare\u201d and \u201cunmitigated disaster\u201d\u2014now believe the company has renewed the market\u2019s\u00a0faith in its growth story<\/a>.<\/p>\n \u201cThis was a huge comeback performance from Tesla and Musk in 2Q with the Street expecting a clear miss this quarter with EV demand still choppy globally, yet Tesla delivered strong numbers at a key time for investors,\u201d he continued.<\/p>\n With\u00a0painfully high interest rates<\/a>\u00a0expected to ease later this year, the Aug. 8 reveal of the CyberCab robotaxi just around the corner, and a new entry level Tesla slated to debut around six months from now, the stock could be poised for further gains. It may even earn back its place in the pantheon of the Magnificent Seven.<\/p>\n IT\u2019S FINALLY OUR TURN $TSLA<\/a> pic.twitter.com\/XMhF3JbZ1V<\/a><\/p>\n \u2014 TheSonOfWalkley (@TheSonOfWalkley) July 3, 2024<\/a><\/p><\/blockquote>\n<\/div>\n\n
\n
Q2 deliveries beat reduced expectations<\/h2>\n
\n
About those estimates\u2026 https:\/\/t.co\/N2EGBHVbXl<\/a> via @opinion<\/a> $TSLA<\/a> pic.twitter.com\/9TmW6xCpf6<\/a><\/p>\n\n