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The initial Wall Street reaction to Tesla's Battery Day has not been glowing, but Deutsche Bank said in a note to clients that that makes it a great time to buy in.
Shares of the electric vehicle company fell 10% on Wednesday following the event, where CEO Elon Musk gave updated delivery guidance and discussed producing a $25,000 car in future years. Deutsche Bank upgraded the stock on Wednesday morning to buy from hold, saying the event showcased Tesla's advantages in technology.
"With the stock price indicated down post market as traders 'sell the news', we recommend longer-term investors take advantage of weakness to buy Tesla as the best way to invest in vehicle electrification," the note said.