Tesla investors get some kind of reprieve today as Tesla’s stock (TSLA) is back up over $300 per share over hope about Model 3 demand in Europe.

It’s a welcome change after a few disastrous trading days on the market for Tesla.

TSLA

To be fair, the past few weeks have been hard on the entire US stock market, but it does look like Tesla investors have been getting the worst of it.

The automaker’s stock had been on a tear this quarter following the first show of profit in a long time.

It was going up toward its all-time-high until it was knocked down a peg by Morgan Stanley and Goldman Sachs.

TSLA has been going downhill since – losing 21% of its value after hitting a long-time high of $376 per share just a few weeks ago:

Today, the stock is back at over $300 per share in pre-market trading following a positive note from Wedbush.

Analyst Daniel Ives is positive on Tesla’s stock after determining that the backlog of demand for Model 3 in Europe is robust:

“While there are worries that some European unit shipments might spill over into 2Q and out of 1Q which could skew linearity in 1H19, we believe the Street is well aware of this potential timing dynamic as underlying pent-up demand looks robust on this new European frontier for Musk & Co heading into 2019 with China also a major growth catalyst on the heels of recent price cuts,”

Tesla has been gradually opening Model 3 orders in some European markets and it is expected to start production for those markets next month for deliveries in February.

Ives gave Tesla’s stock an outperform rating and a $440 price target.

Daniel Ives is ranked #1,669 out of 5,075 Analysts on TipRanks with a success rate of 47% and an average return of 1.1%. He doesn’t have an extensive recommendation history on Tesla’s stock:


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