Tesla stock rose 1% early Wednesday after catching an upgrade at BofA.

Coming into the day, shares were down 9% since the company reported better-than-expected fourth-quarter numbers on Jan. 28. It appears investors have been waiting for a catalyst such as the expansion of Tesla's robo-taxi network.

A Wall Street ratings change isn't that, but it helps. BofA reinstated Tesla with a Buy, up from a prior Hold rating, calling Tesla "the current leader in consumer autonomy." Tesla's Full Self-Driving driver assistance product costs $99 a month and can handle most of a Tesla owner's daily driving. BofA expects Tesla's consumer technology to eventually translate into leadership in robo-taxis.

Tesla launched a robo-taxi service in Austin, Texas, in June and plans to be in nine cities in the first half of 2026.

BofA's price target is $460 a share. The average analyst price target for Tesla stock is $427. And with the upgrade, 44% of analysts covering Tesla rate its shares Buy. The average Buy-rating ratio for stocks in the S&P 500 is about 55%.

Coming into Wednesday trading, Tesla stock was down 13% this year, but up 44% over the past 12 months.