Tesla (TSLA) Stock Revs Toward $400 as European Sales Rebound

Elon’s electric empire pulls off a U-turn in Europe—just as Wall Street starts eyeing that magic $400 price target. Funny how these ’unexpected’ recoveries always happen before earnings season, isn’t it?

After months of demand sputtering, Tesla’s European deliveries finally found their charging cable. The stock’s now flirting with levels that’ll make the crypto bros wish they’d kept some fiat in their portfolios.

Analysts are suddenly all-in on TSLA again. Because nothing builds confidence like watching a company fix problems that shouldn’t have existed in the first place.

Tesla CEO Elon Musk Speaks on Europe Sales as Stock Bounces Back

The SU stock market’s pattern of volatility continued after Memorial Day kicked off the official start to summer. After falling for several weeks, the Dow Jones Index jumped 600 points on Tuesday. Moreover, it represented a change of fortune for the market as a whole.

That has specifically affected one of the most prominent companies in the world. Indeed, Tesla has recently disclosed that Europe sales are turning around after a dismal start to the year, as the stock eyes a jump to the $400 level.

Tesla sales fell by 49% in April, according to the European Automobile Manufacturers Association (ACEA) on Tuesday. Moreover, the market share plummeted to 0.7%, along with global deliveries that came in well below the 390,342 expectations.

Speaking on the earnings call, CEO Elon Musk said that the company’s European business is “already turned around.” Moreover, he noted that the area is their “weakest market,” while ensuring that the firm is “strong everywhere else.”

The stock barreled through the $350 mark Tuesday, jumping more than 6%. Indeed, all eyes are now set on the $400 mark as it looks to continue its 26% surge over the past 30 days. Currently, the stock has a bullish projection at $500, up 39% from its current position, according to CNN data.