Tesla Stock Furthers Post-Election Surge, Gets Boost From Wedbush Analysts
Key Takeaways
- Tesla shares continued to add to their gains since the presidential election on optimism the electric vehicle maker will benefit from a Trump administration.
- Wedbush boosted its price target by $100, calling the Trump victory a “gamechanger” for the EV maker.
- The analysts said they believe Tesla’s artificial intelligence and autonomous vehicle technologies will be worth $1 trillion.
Tesla (TSLA) shares continued their post-election surge Monday, boosted by hopes of a reduction in regulations by a Trump White House and CEO Elon Musk‘s ties to the incoming administration as an adviser to the president-elect.
Adding to that enthusiasm was a huge increase in the price target by Wedbush to $400 from $300. The analysts wrote in a note to clients that they believe the Trump victory “will be a gamechanger for the autonomous and AI story for Tesla and Musk over the coming years.”
The analysts said that they estimate the autonomous vehicle and artificial intelligence (AI) opportunities will be worth $1 trillion for the company. They added that they fully expect “these key initiatives will now get fast tracked as the federal regulatory spiderweb that Musk & Co. have encountered over the past few years around FSD/autonomous clears significantly under a new Trump era.”
Wedbush Says Tesla ‘Most Undervalued AI Play’
The analysts noted that they feel Tesla “remains the most undervalued AI play in the market today.” Wedbush maintained its “outperform” rating on the stock.
Shares of Tesla recently were up 10% at $353.26, trading at their highest level since the spring of 2022. They’ve added about 40% of their value since Election Day.
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