Tesla Analyst Says Excessive Negativity Is an Opportunity for Investors Analyst sets $450 price target for stock.

By Andrew Osterland

Opinions expressed by Entrepreneur contributors are their own.

Drew Angerer | Getty Images

Stocks traded lower for most of the day but rallied in the afternoon. The yield on the 10-year Treasury bond fell another three basis points to 2.38 percent -- 7 points lower than the 3-month Treasury bill. An inverted yield curve suggests that investors expect the economy to slow and the Federal Reserve Bank to potentially cut short-term interest rates in the near future.

The major indexes fell along with bond yields this morning but rebounded after mid-day. The S&P 500 and Nasdaq Composite indexes had losses of 0.46 percent and 0.63 percent respectively, while the Dow index was down 0.13 percent. The Entrepreneur Index™ closed the day 0.40 percent lower.

High-growth technology stocks were out of favor today. The four FAANG stocks on the index all declined, with Netflix (-1.83 percent) and Amazon.com (-1.01 percent) falling furthest. Twitter and salesforce.com had the biggest declines in the sector, losing 2.36 percent and 2.69 percent respectively. Akamai Technologies, up 1.37 percent, was the only tech stock on the index to post a gain today.

Tesla, up 2.64 percent, posted another good gain today after rising 2.82 percent yesterday. A Jefferies analyst reaffirmed his buy rating on the stock with a price target of $450 -- a more than 60 percent jump from current levels. Philippe Houchois said there was "excessive negativity" on the company and that he expects significant support for the stock at current prices. It is down 17.4 percent so far this year.

Ralph Lauren also got a nod of approval from a Wells Fargo analyst, who called the company a "rare standout" in its industry and upgraded the stock to an outperform rating. The stock was up 2.51 percent today. It currently has sixteen buy ratings from Wall Street analysts versus just two sells, according to data from TradingView.

Homebuilder D.R. Horton Inc. traded up 2.28 percent today after two of its competitors Lennar Homes and KB Homes reported conflicting financial results. Lennar missed estimates while KB Home beat earnings but missed revenue estimates.

The entire housing sector was up, however, in part because Lennar Chairman Stuart Miller said the market was improving headed into the spring selling season. The Mortgage Bankers Association also reported that mortgage applications jumped 8.9 percent last week, thanks to falling interest rates. The average interest rate on a 30-year mortgage has dropped to 4.45 percent, making homes more affordable for buyers.

Retailers Dollar Tree Inc. (2.41 percent) and Gap Inc. (2.61 percent) had good gains today. Bed Bath & Beyond also held on to its 22 percent surge yesterday when activist investors announced a plan to replace the company's board. The stock was up another 1.54 percent today.

Notable declines on the Entrepreneur Index™ outside the tech sector included Alexion Pharmaceuticals, down 1.6 percent, Ford Motor Co., down 1.6 percent and Hess Corp., off 1.36 percent.

The Entrepreneur Index™ collects the top 60 publicly traded companies founded and run by entrepreneurs. The entrepreneurial spirit is a valuable asset for any business, and this index recognizes its importance, no matter how much a company has grown. These inspirational businesses can be tracked in real time on Entrepreneur.com.

Wavy Line

Andrew Osterland is a contributing writer for CNBC.com. He specializes in capital markets, personal finance and taxes.

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