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JPMorgan's change of analyst significantly reduced its bearish stance on Tesla

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Goldman Sachs reports that on June 5th, after replacing the chief analyst for the automotive industry, JPMorgan's bearish stance on Tesla has significantly weakened. Previously, JPMorgan arranged Rajat Gupta to succeed Ryan Brinkman in charge of monitoring the automotive sector. Brinkman has long been one of Wall Street's most pessimistic analysts regarding Tesla stock. After Gupta took over, JPMorgan raised its target price for Tesla to $475 and upgraded the stock rating to a level equivalent to hold. Brinkman has been recommending selling Tesla stock since 2015 and once predicted its share price would plummet to $145 by the end of the year. Gupta, who previously worked under Brinkman, praised Tesla's vertical integration model in a report released on Friday, calling this "unique advantage" that "to some extent, remains underappreciated and misunderstood."
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