Tesla (TSLA) has been making historic strides in a post-election rally until Friday last week resulting in the company regaining a $1 trillion market cap after years of struggle.
Reportedly, Elon Musk has been staying at President-elect Donald Trump’s Mar-a-Lago winter residence since after the election. He’s believed to be influencing several upcoming key decisions and policy shifts, especially for electric vehicles and Tesla.
In 2021, US President Joe Biden visited the GM Factory Zero in Detroit. In his speech at the factory, President Biden gave all the credit for the electric vehicle revolution to GM’s CEO Mary Barra.
Looks like the times have changed and the odds are in favor of Tesla (TSLA) this time. The probability of Tesla getting the most benefits from federal policies and tax breaks has become imminent after Elon Musk-backed Donald Trump won the election last week.
Tesla’s share price closed at a record-breaking $350.00 yesterday. The rally continued into this week after the election on 5th November last week.
However, at market open this morning, Tesla’s stock price dipped a little by about ~2.2%. As of this writing, a Tesla share is trading at around $343.49 (10:42 AM EST). It’s apparently back on track after slumping a little into an hour of market opening this morning.
The TSLA stock price rally isn’t just the result of Donald Trump winning the election. The company reported a good profit in its Q3 2024 earnings. The future promises based on Tesla AI projects such as Full-Self-Driving (FSD), Tesla Bot, and the Cybercab robotaxi also acted as catalysts for the Tesla stock price increase.
Yesterday, Wedbush Securities, a wealth and investment management company raised its Tesla (TSLA) price target from $300 to $400. This marked a significant endorsement of Tesla’s performance in the automotive and AI tech industry.
Wedbush analyst and the firm’s tech researcher Daniel Ives announced the firm’s decision to increase the TSLA price target on Elon Musk’s social media platform X (formerly Twitter).
“Investors will take that — Musk having a strategic view and I think essentially a strategic chair in the White House is significant for AI and for autonomous [FSD],” Dan Ives told CNBC.
“But most importantly, the biggest regulatory issue that they had from the autonomous perspective — a lot of that now starts to dissipate — and that’s a key part of the value,” he added.
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 stock price slumps a little this morning (Tuesday 12th Nov) after a 4-day post-election rally. Wedbush analyst Dan Ives raises TSLA price target to $400, more.){kind=link}