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Tesla (NASDAQ: TSLA) is continuing to soar on Wall Street following another price increase from Wedbush analyst Dan Ives, who pushed his price target on shares upward for the second time since President-elect Donald Trump won the election.
Trump’s victory and Tesla CEO Elon Musk’s relationship with him were bullish indicators directly after the election, and Ives saw the opportunity to push the price target to $400.
However, the company’s stock surge has continued and has soared well past $400, inciting Ives to push the price target up once again, which has now gone to $515.
Ives believes the Trump White House taking over the country for the next four years will be extremely bullish for Tesla, especially considering the company’s autonomous and AI prerogatives.
Wedbush said in a note to investors on Sunday:
“We are raising our price target on Tesla to $515 from $400 as we believe the Trump White House the next 4 years will be a ‘total game changer’ for the autonomous and AI story for Tesla and Musk over the coming years.”
$515 is not the only price target that Wedbush set. Ives said that the firm will also have a $650 bull case price target for 2025, mainly because of the company’s opportunities within AI, as well as growth in regions like China:
“We estimate the AI and autonomous opportunity is worth at least $1 trillion alone for Tesla and we fully expect under a Trump White House 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. We believe Tesla could reach a $2 trillion market cap by the end of 2025 as the company’s autonomous vision starts to take shape along with very solid Tesla delivery demand we expect from the core China market.”
Tesla China is still pulling lots of customers as Q4 enters final weeks
Ives recognizes that Musk’s commitment to helping Trump get elected for his second term was “a bet for the ages” and could benefit Tesla in getting AI and FSD through regulatory processes in a more streamlined manner.
Wedbush maintained its “Outperform” rating on shares. Tesla is trading up roughly 4.2 percent at $454.68 at 11:40 a.m. on the East Coast.
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