More Analysts Are Backing Tesla Stock—And the Shares Are Rising

The Key Takeaways

• Tesla shares advanced to their highest level in two-and-a-half years as two analysts published optimistic opinions about the EV maker's future.
• Roth Capital Partners raised the price target and upgraded Tesla’s stock, saying that a Trump administration will be a positive for Tesla.
• Stifel also boosted its price target, pointing to Tesla's self-driving technology and robotaxi opportunities.

Tesla (TSLA), shares rose after two analysts expressed optimism for the electric-vehicle maker.

Roth Capital Partners has upgraded its stock. “buy” You can also find out more about us on our website. “neutral,” setting a price target of $380—,nearly $300 more than its previous position. Roth wrote in a client note that Elon Musk’s relationship with Donald Trump, the President-elect elect will probably increase demand for Tesla cars.

Stifel also significantly lifted its price target, raising it $124 to $411 while maintaining a "buy" rating on the stock. According to reports, the analysts led by Stephen Gengaro also mentioned Tesla’s Self-Driving Technology, and its CyberCab Robotaxi.

Tesla’s shares recently reached their highest price in over two-and a-half-years, trading a little below $360. Wall Street's average price target is below current levels at near $280, according to Visible Alpha data.

Roth’s report stated that Trump’s expected end to the federal $7,500 tax credit for buyers of EVs. “should indirectly benefit Tesla, as we expect mainline OEM competitors to continue their retreat from the EV market.”

Roth stated that he sees Tesla increasing its market share and leadership in artificial-intelligence, as well as benefiting its position in commercial robotics.

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