MULN Stock Forecast: Mullen Automotive rises as Tesla upgrades raise EV stocks

NASDAQ:MULN kicked off the post-Labor Day weekend with a positive day as some good news for the EV industry sparked a rally from the sector. On Tuesday, shares of MULN added 6.20% and closed the trading session at a price of $0.66. While Mullen was in the green, stocks extended their recent slide as all three major averages once again closed the day in the red. Some stronger than expected economic data from the August ISM report weighed on investors ahead of the September FOMC meeting. Overall, the Dow Jones fell by 173 basis points, and the S&P 500 and the NASDAQ dropped lower by 0.41% and 0.74% respectively during the session.

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It was a good day for Tesla (NASDAQ:TSLA) which typically leads to investors being bullish on other EV stocks as well. The industry leader received a glowing review from Goldman Sachs which reiterated its Buy rating for the stock and raised the price target to $333.33. In addition to this, Wolfe Research upgraded the stock from Buy to Outperform and raised the price target to $360.00 per share. Not surprisingly, EV stocks were generally on the rise on Tuesday, with Tesla adding 1.56% to outperform the broader markets.

Mullen stock price

In another positive for EV stocks, the global EV sales report for July was released with some encouraging growth for the sector. Overall EV sales were up by 61% on a year over year basis, while global market share hit 10% for the first time ever. This is impressive considering the ongoing macroeconomic headwinds that the sector has faced.

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