Bank of America upgrades Tesla, the second bearish analyst in 24 hours to capitulate

Tesla Motors CEO Elon Musk speaks to the media next to its Model S.
Nora Tam | South China Morning Post | Getty Images

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Tesla got its second Street upgrade in less than 24 hours on Friday after Bank of America more than doubled its price target on the stock while lifting its rating to neutral, citing the company's "unfettered access to capital."

The firm said that the company's total production of around 500,000 vehicles over the last 17 years is "uninspiring progress," but that "Musk's leadership, a compelling brand, and improved execution are driving an ever- increasing stock price." Based on this, Tesla has access to low-cost capital, which is a "key advantage" that could "accelerate growth to almost 50% per annum over the next five years."

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