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Analysts Called The Tesla Stock Crash: Here's What They Say Now - Investor's Business Daily

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Analysts nailed the Tesla stock crash — almost to the dollar. And their calls now on the S&P 500 show what they think is coming next.

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Shares of Tesla (TSLA) have cratered more than 15% this year to 597.95 a share. That's almost spot-on to the 600 a share analysts predicted the electric car maker's stock would be worth — in 12 months, says an Investor's Business Daily analysis of data from S&P Global Market Intelligence and MarketSmith.

And if analysts called Tesla so well, what are they saying not only about the future of Tesla, but also the other S&P 500 stocks? Turns out they still see big gains in some S&P 500 stocks — just not Tesla.

Analysts See Lots Of S&P 500 Upside, Just Not With Tesla

The S&P 500 has been skidding a few weeks, especially in the tech sector. But analysts are still bullish on most stocks in the index.

The S&P 500 is down 2.4% from its high notched on Feb. 12. And the Technology Select Sector SPDR Fund (XLK) is off 7% in that time, the second-worst showing of the 11 S&P 500 sectors. The Consumer Discretionary Select Sector SPDR Fund (XLY) is the only sector to do worse than technology. And that's due to Tesla dropping more than 26% from the February high.

But analysts still see opportunity. Analysts think 297 stocks in the S&P 500 will rise more than 5% over the next 12 months. And analysts are calling for more than 30% gains in 13 S&P 500 stocks.

Tesla, though, isn't one of them. What then is the opinion on Tesla from here?

Analysts think the stock has less than 1% upside in 12 months even after the drop. The 12-month price target on Tesla is 600.14, not far from the 597.95 it closed at on Friday.

To be sure, disagreement is rampant. The most bullish analyst on Tesla has a 12-month price target of 1,200. But the most bearish thinks the stock is worth just 135. Analysts, on average, rate Tesla stock a hold. IBD Live viewers, though, learned to get cautious even sooner than the analysts on Jan. 8.

Investors may get some answers in April. Tesla is expected to earn 74 cents a share in the first quarter, up more than 220% from a year ago.

Where Analysts See The Most S&P 500 Upside

So if Tesla isn't the S&P 500 stock analysts are most bullish on, what is?

Analysts think information technology stock Enphase Energy (ENPH) will be worth 227.13 a share in 12 months. If they're right, that would be 58% implied upside. The solar-power equipment company is called an "outperform" by analysts. And the stock is down 18% this year to 143.55 a share.

Not all implied upside, though, is in S&P 500 stocks down so much this year. Analysts see promise in a number of S&P 500 health care stocks. Specifically, analysts think Centene (CNC) will be 34% more in 12 months than it is now, to 81.38 a share. The company offers health care services to underinsured people in the U.S. The stock is up 0.8% this year to 60.53.

So, analysts may not see much upside in Tesla stock now. But there's still plenty of opportunity if you ask the analysts.

S&P 500 Stocks Analysts Like Most Now

Company Symbol Stock YTD % Ch. Implied Upside To Analyst Target* Friday Close Composite Rating
Enphase Energy (ENPH) -18.2% 58.2% 143.55 Information Technology 81
Viatris (VTRS) -25.8% 41.2% 13.91 Health Care 9
IPG Photonics (IPGP) -7.8% 37.9% 206.50 Information Technology 45
Regeneron Pharmaceuticals (REGN) -4.5% 37.7% 635.67 Health Care 66
Equinix (EQIX) -14.5% 36.5% 833.08 Real Estate 21
Synopsys (SNPS) -12.1% 35.1% 227.80 Information Technology 64
Amazon.com (AMZN) -7.9% 34.9% 3000.46 Consumer Discretionary 78
Centene (CNC) 0.8% 34.4% 60.52 Health Care 54
Vertex Pharmaceuticals (VRTX) -10.3% 33.9% 211.98 Health Care 57
Tesla**  (TSLA) -15.3% 0.4% 597.95 Consumer Discretionary 38
Sources: IBD, S&P Global Market Intelligence, * — based on 12-month price target, ** - shown for comparison

Follow Matt Krantz on Twitter @mattkrantz

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Analysts Called The Tesla Stock Crash: Here's What They Say Now - Investor's Business Daily
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