Tesla sentiment is "cosmically bad" and its shareholder base is "distraught," but this too shall pass, according to Canaccord Genuity.
"We are adjusting our estimates and price target to $275 (from $304) but — with the current pressure and some patience — trust this holiday coal will turn into a long-term performance diamond," Canaccord analyst George Gianarikas said in a note Wednesday.
In addition, improvements in the inflation backdrop could create a margin tailwind, and in improving supply of battery cells could help with fundamentals, Gianarikas said.
"Remarkably, the current performance drawdown is the worst in Tesla's stock history — even with a head-spinning decade of volatility," he said.
"While current fundamentals appear fairly uncertain, we look to potential green shoots in 2023 and sustained extraordinary growth beyond to help improve equity performance."