Elon Musk, CEO of Tesla, stands on the construction site of the Tesla Gigafactory in Grünheide near Berlin, September 3, 2020.
Patrick Pleul | picture alliance | Getty Images
(This story is for CNBC Pro subscribers only).
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 were down 5% in premarket trading after 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 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.
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September 23, 2020 at 07:59PM
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Deutsche Bank upgrades Tesla after 'Battery Day,' says investors should 'take advantage' of pullback - CNBC
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