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Tesla Call Was Completely Wrong, RBC Says After 1,200% Rally

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Long-term bear RBC Capital Markets upgraded its recommendation on Tesla Inc., admitting it had misjudged the electric-vehicle maker.

“There is no graceful way to put this other than to say we got TSLA’s stock completely wrong,” analyst Joseph Spak wrote in a report lifting Tesla to sector perform. The broker had maintained a sell-equivalent underperform rating since January 2019, according to data compiled by Bloomberg. During that time, the shares have surged by about 1,200%.