Tesla's (TSLA) Stock Can Still Hit $547 Mark by the End of October, Despite Weak Market Reaction to the Great Q3 Report, the Trader Assumes

The Weak Reaction on the Report 

The company's quarterly report, published on Wednesday, turned out to be the best ever, Tesla was able to exceed experts' expectations in both revenue and profits. In the third quarter, the company's revenue grew by more than 40%, from $6 billion to $8.77 billion. On top of that, profits more than doubled, from $104 million to $331 million.

But, despite a short-lived leap at the aftermarket on Wednesday, the stock was unable to hold out and sank significantly during Thursday's main session, losing all the gains. Now it turns out that the shares reacted with only a slight increase within 1% to the best report in the history of the company.

28% Growth Is Still Possible, the Trader Thinks

However, the trader @puppy_trades believes that Tesla's shares could still reach $547 mark by the end of October. This represents a more than 28% increase from the current market price of $425.

According to the trader's technical analysis, this is the expected price of the company's shares if they manage to reach the upper part of the upward channel that has started forming at the beginning of the month.

A Very Positive Forecast

Olivier Tischendorf, an experienced trader and an analyst, is more restrained, but he states that if Tesla's shares can reach $450, the bulls will regain the control.

In addition, if this happens, it will be an extremely positive sign, since, according to the analyst, such growth, which is not based on a reaction to hype news, will be more sustainable.