Tesla Stock Rises After Worst Day Since 2000, Brushes Off Downgrade.

Tesla $Tesla(TSLA.US)$ stock rebounds 3% in morning trading after a 12% decline last trading day.

A downgrade of the electric vehicle maker’s shares didn’t phase investors, perhaps because of all the bad news from the previous two days.

The gain mitigated Wednesday’s big loss. The stock dropped more than 12% on the company’s disappointing second-quarter earnings . It was the biggest one-day drop since 2020, according to Dow Jones Market Data.

Tesla reported earnings per-share of 52 cents. Wall Street was looking for 61 cents. The earnings report led to a few downgrades and price target reductions—and a price target hike at Piper Sandler.

Citi analyst Itay Michaeli and Goldman Sachs analyst Mark Delaney cut target prices. Both rate shares Hold. Cantor Fitzgerald analyst Andres Shepard and New Street Research analyst Pierre Ferragu cut ratings to Hold from Buy.

Most analysts were worried about lower vehicle pricing and growth challenges. But Piper analyst Alexander Potter wasn’t bothered by the results. He believes Tesla is close to creating truly self-driving cars. He increased sis target price to $300 from $205. His rating is Buy.

Another downgrade came on Thursday. KGI Securities analyst Terry Lee, based in Taiwan, lowered his rating to Hold from Buy, according to Bloomberg, and his price target went up to $236 from $210.

Lee is one of more than 50 analysts covering Tesla stock. Overall, 46% rate shares Buy. The average Buy-rating ratio for stocks in the S&P 500 is about 55%. The average analyst price target for Tesla stock is about $204 a share.