Trade Tracker: Bill Baruch buys more Tesla despite 'underweight' rating at Wells Fargo

Tesla, Wells Fargo adding the stock to its tactical ideas list with an underweight rating and a price target of 120. The firm expects shares to get hit this quarter on lower demand and margins. Let's bring in a shareholder and halftime committee member Bill Baruch. Bill, good afternoon. Goodbye more hey. Yeah, thanks for having me. I I was buying this accumulating last week around the one 95197 area. It's actually one of my top ideas here. And to start in through quarter three, I think Wells Fargo's on their note here is wrong. I think what Joe and I last year on the show talked about Tesla trades like a commodity. I think the perception here, everything that Wells Fargo cited in their node is being priced in already. You know, look at China right now, they're talking about record sales over the weekend and that's what's kind of pulling this stock out above 200. So if you're looking at this right now and and the fact that it's run a bit today. It we may settle in around 197 to 200 and I plan on accumulating more. But I also look at this into the August 8th robo taxi unveiling and I think there's a lot of value, you know, that we could see because typically July is a slower month for semiconductors. And if semiconductors are not going to perform right now, people are going to look for things that are outperforming. And that's where the perception and trading like a commodity and positioning can be here as a strength for Tesla. And I think that could 220 would be my first target and then we look at 2:35 to 2:50 from there. All right, so Bill, obviously Tesla having a huge day today, shares up more than 6%. You're looking ahead to August 8th. What about this week? They're going to deliver. They're going to give out our release, I should say, delivery numbers this week, worried about downside in the stock if they fail to meet some of the estimates. At the same time, BYDI with its delivery numbers 35% higher year over year, they're facing a lot of stiff competition. Yeah, the numbers about 4:10 to 4:25 and I side with Dan, Dan Ives of Wedbush here. He's looking for 4:35. I think we can get a strong number. You saw it over the weekend on socials. Tesla China is talking about record sales numbers. They also implemented a, an extended the policy of 0 interest loans for five years on buying a Tesla two and that should help, help the name in a little bit of tailwind there. So I'm pretty excited. The name again, we were accumulating this last week 192 to one 95196 area, just somewhere below 197 I think. As this thing chops around, there's gonna be an opportunity here to retest this breakout 197 to 200 and I plan on buying more in that range there. Alright, Bill and Dan Ives, they're bullish on these delivery numbers. Joe, I'm gonna come over to you. You also own Tesla. Actually, Tesla we do not own in the ETF. We've owned it in the past. It's obviously making a very strong technical breakout. I believe today it's above its 200 day moving average. That's the first time it's done so since December of 23. There we go, Tesla shares again, up more than 6%.