Tesla (TSLA) stock’s recent decline has reached attractive levels, and it’s time for investors to start positioning for an upswing, Piper Sandler argued in a new note.

"Tesla took longer than expected to cut prices, but now that pricing adjustments have been made and now that the valuation has reset, we think investors should be proactively buying TSLA,” research analyst Alexander E. Potter wrote in a note to clients on Wednesday.

Tesla shares have fallen more than 40% over the last three months since CEO Elon Musk bought Twitter. Many Wall Street analysts likened the stock’s decline to a “Twitter overhang," though the company also had other fundamental issues arise, including a fourth-quarter vehicle deliveries miss.