One of Tesla's biggest skeptics sees a bullish trading opportunity in the carmaker's shares.
Bernstein said the 30 percent drop in Tesla's shares through Friday since CEO Elon Musk's famous Aug. 7 take-private tweet was too dramatic. Musk's social media post sparked controversy and stock volatility over questions about funding for his proposal.
"We see the current dip in Tesla's stock as analogous to prior trading opportunities, which have tended to arise when the stock falls below ~$300 per share … We think the setup in sentiment looks relatively favorable for the next few weeks," analyst Toni Sacconaghi said in a note to clients Monday. "We now see the near-term risk-reward for Tesla as relatively skewed to the upside, given the potential for the stock to revert towards the middle of its $270 to $370 range."
Tesla shares rose 8.5 percent Monday. The stock closed at $263.24 Friday.