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Tesla Rebounding After Macquarie Initiates At Outperform

After falling sharply in recent sessions, shares of Tesla, Inc. (TSLA) are regaining some ground during trading on Tuesday. Tesla is currently up by 5.5 percent after ending the previous session at its lowest closing level in six months.

The rebound by Tesla comes after Macquarie initiated coverage of the electric car maker's stock with an Outperform rating and a price target of $430 per share.

"We view Tesla as a disruptive technology growth company with differentiated products and strong brand presence," said Macquarie analyst Maynard Um.

He added, "Tesla appears on track for production targets & should be able to achieve profitability" in the second half of this year.

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