It has been a recreation of two halves for Tesla over latest months. Simply final week, the electric-vehicle maker’s inventory leaped by greater than 30% following its earnings announcement . This 12 months up to now, Tesla shares are up by round 35%. These strikes come on the again of a few developments: final week the corporate reported fourth-quarter earnings and income that topped analyst projections; and earlier in January, it lower costs within the U.S. and Europe in a bid to spice up demand. It follows a bleak 2022 when Tesla shares slumped over 35% in December and round 65% over the 12 months. Here is what Wall Road analysts say about the place they see the inventory going subsequent. Has Tesla bottomed? Morgan Stanley analysts led by Adam Jonas reiterated Tesla as a “prime choose” with a $220 worth goal — or 23% potential upside — in a word on Jan. 26. Nevertheless, he cautioned that “stability of the share worth appears to be the least doubtless end result right here.” The financial institution mentioned Tesla might check “new lows” within the first half of the 12 months, earlier than exceeding its $220 worth goal inside 12 months. Its bear case is a $70 worth goal, whereas its bull case is $390. “We see FY23 as a 12 months the place auto worth inflation turns to deflation compounded by continued macro and geopolitical uncertainty,” the analysts wrote. “With Tesla, there’s additionally the ever current background danger of ‘firm particular’ idiosyncratic and sentiment-related elements that may additionally swing this traditionally risky identify in each instructions.” Goldman Sachs in a Thursday word mentioned that Tesla’s fourth-quarter earnings pointed to additional positive factors for the EV maker. “We proceed to consider that the corporate is effectively positioned for long run development given its management place each by way of value construction and as a full resolution supplier in clear mobility,” the financial institution mentioned. Its worth goal on the inventory is $200. Garrett Nelson, senior fairness analyst at CFRA Analysis, predicts a “robust rebound” for Tesla shares in 2023, calling its danger/reward “extremely compelling” at present ranges. He advised CNBC’s “Squawk Field Asia” on Thursday that the mixture of worth cuts and federal EV credit will drive a near-term demand resurgence. He additionally described its steadiness sheet as “sturdy.” “We proceed to view TSLA’s long-term upside potential as important following the inventory’s steep decline over the previous few months,” Nelson mentioned in notes emailed to CNBC, including that its valuation is enticing provided that it’s “buying and selling close to its least expensive multiples” in years. Wedbush analyst Dan Ives in a Thursday word mentioned that Elon Musk “embracing the spider internet relationship between Twitter and Tesla” will draw a “combined response” from traders. “That mentioned, with Twitter noise beginning to slowly dissipate and the demand story roaring out of the gates in 2023 regardless of a darker macro, we stroll away from this name incrementally extra bullish on Tesla into 2023,” he wrote. He raised the worth goal from $175 to $200. Not all analysts have been bullish, nevertheless. Some mentioned the inventory might underperform , including that the corporate’s automotive gross margins, which was the bottom determine within the final 5 quarters, spelled hassle forward. “The quarter will not settle all latest debates since This autumn margins did exit softer, FCF [free cash flow] missed, and powerful order tendencies might want to maintain past the preliminary uplift. To that, the 2023 supply information will doubtless additionally draw some debate,” Citi’s Itay Michaeli wrote Wednesday. He has a impartial score on the inventory and a $146 worth goal. Tesla shares ended Monday at $166.66. — CNBC’s Michael Bloom and Sarah Min contributed to this report.