Scott Olson/Getty Images
What you need to know
- Tesla’s shares surged by nearly 6% on Wednesday, marking their first close record in three years.
- The gains came after Goldman Sachs and Morgan Stanley analysts raised their price targets, though they represented a discount from Tesla's record closing price Wednesday.
- Tesla shares have surged since Donald Trump's reelection, amid hopes CEO Elon Musk's close ties with the President-elect could benefit the company.
Tesla shares (TSLA), which have been gaining for six days in a row, soared by nearly 6% on Wednesday to reach a record high close of $424.77. This is the first time that Tesla has closed at ‘all-time highest price ever recorded.
Goldman Sachs analysts have raised their price targets to $345. This is still a substantial discount on Tesla’s Wednesday record-breaking closing price. They warned Tesla that it could be hit by a drop in price. “fundamental headwinds to the core auto business,” The company said it could benefit long-term from opportunities related to robotics, self-driving vehicles and full autonomous cars.
Goldman has raised its target price for Tesla to $400, up from $300 on Tuesday. Morgan Stanley analyst Adam Jonas confirmed this as his own target. “Top Pick.”
Tesla stock soars since Trump’s election win
Tesla’s shares are up over 70% in the past year. The majority of these gains have come since Donald Trump was re-elected, amid the hope that CEO Elon Musk could be a benefit to the company. Musk was tapped recently to lead the Department of Government Efficiency, a newly-proposed department. Musk attended Trump events before the election.
Analysts have stated that Tesla may benefit if Trump ends the $7,500 EV Tax Credit from the Biden administration, due to the fact the company has a longer track record of producing profitable EVs than its competitors. However, Trump’s tariff-friendly stance could hurt Tesla’s China Sales.
UPDATE—Dec. 11, 2024: This article has been updated to reflect Wednesday's record close marked the first for Tesla’s stock in three years.
Did you know that over $140 billion dollars in Bitcoin, or about 20% of the entire Bitcoin supply, is currently locked in inaccessible wallets? Or maybe you have lost access to your Bitcoin wallet? Don’t let those funds remain out of reach! AI Seed Phrase Finder is here to help you regain access effortlessly. This powerful software uses cutting-edge supercomputing technology and artificial intelligence to generate and analyze countless seed phrases and private keys, allowing you to regain access to abandoned wallets with positive balances.
