Is Tesla Stock A Buy Or A Sell Amid Cybertruck 'Halo Effect' Heading Into 2024?

Tesla stock has advanced conservatively since the EV giant delivered its first 12 Cybertrucks, releasing pricing and specs, at the end of November, with analysts projecting the new vehicle will bring a "halo effect" to TSLA shares.

However, on Dec. 8, Bernstein analyst Toni Sacconaghi wrote short Tesla stock is a "best 2024 idea" and that there is nearly 40% downside risk from current levels. Sacconaghi has an underweight rating on TSLA with a 150 price target.

Musk said it will take 12-18 months before the Cybertruck is a "significant positive cash flow contributor."
"I just want to temper expectations for Cybertruck," Musk told investors during the Q3 earnings call.
Musk said there will be "enormous challenges" in reaching volume production with the Cybertruck. He added Tesla will end up producing around 250,000 Cybertruck units per year. Musk said his best guess is Tesla will reach that output sometime in 2025.

Tesla stock gained around 22% in November ahead of the Tesla Cybertruck delivery event. TSLA shares in December have continued to advance.

Since the beginning of 2023, Tesla stock has surged around 90%, broadly outperforming the broader S&P 500 index.

The market status is showing a "confirmed uptrend." Tesla stock is about 14% below its official buy point. TSLA is making a gradual advance from its 50-day line. Aggressive investors could use the Nov. 29 high of 252.75 or a trendline just below 250 as early entries.