Tesla remains a prominent beneficiary of the Inflation Reduction Act, but Bernstein believes the risk-reward for the stock is not attractive going forward.
"We see the IRA law as a clear positive for Tesla," said Toni Sacconaghi in a note to clients Wednesday. "That said, while we acknowledge TSLA's innovation and financial success, we continue to struggle to justify the company's valuation." The bill, which aims to curb inflation and invest in climate projects, includes a tax credit worth up to $7,500 for buyers of new electric vehicles .
Sacconaghi views Tesla and original equipment manufacturers such as General Motors and Ford as key beneficiaries of the credit, with the Model Y and Semi truck among the best situated within Tesla's portfolio. While shares of Tesla have toppled nearly 16% this year and more than 28% from their highs, Bernstein believes the stock price does not support a strong risk-reward going forward.
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