Tesla Stock Continues Soaring on Optimism About CEO Elon Musk's Trump Ties

Investopedia11-09

KEY TAKEAWAYS Tesla shares soared again Friday, capping a big week for the EV maker as Wall Street analysts bet that Elon Musk’s company will benefit from Donald Trump’s return to the White House.The ...

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The stock has gained 30% this week.\n\n\n  BofA Analysts Raise Tesla Price Target  \n Analysts, already largely bullish on Tesla, turned even more positive. Bank of America analysts Thursday raised their price target for Tesla to $350 from $265, citing the potential for lighter-touch regulation under the Trump administration that could boost the growth prospects of the company’s robotaxi.\n\n\n The Trump administration's support for Musk's proposed national standard for selfdriving vehicles would also make it easier for the company to roll out the robotaxis planned for next year, they wrote.\n\n\n On top of that, Musk's ties with Trump could help stave off competition, as the president-elect's expected plans to ease environmental regulations slow rival automakers' EV ramp-ups while higher tariffs aimed at China hold off cheaper Chinese imports.\n\n\n “It is difficult to judge how Elon Musk's increasingly close public relationship with President Trump could benefit Tesla, but this needs to be monitored closely,” the analysts wrote.\n\n\n  Wedbush: Trump Presidency 'Huge Positive' for Telsa  \n Wedbush analysts, led by Dan Ives, reiterated their outperform rating and $300 price target on Tesla, noting that the company's scale would give it a clear edge if Trump, as he's indicated, scraps the Biden administration's EV subsidies and rebates.\n\n\n “We believe a Trump presidency would be an overall negative for the EV industry as likely the EV rebates/tax incentives get pulled, however for Tesla we see this as a huge positive,” Wedbush wrote.\n\n\n  Tesla's EV Rivals Under Pressure  \n The bullish calls on Tesla come as shares of EV rivals such as Rivian Automotive (RIVN) and Polestar (PSNY) face pressure on investor fears that Trump could unwind EV incentives. \n\n\n Rivian said late Thursday that it is on the path to posting a gross profit by the end of the year, and lowered its projection for vehicle production this year to between 47,000 and 49,000 vehicles for the year, from 57,000 previously, due to a parts shortage.\n\nDo you have a news tip for Investopedia reporters? Please email us at\ntips@investopedia.com","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2482432401"}