By Samiat Dec, 17, 2024 Featured

Tesla Stock Hits Record High as Wedbush Raises Price Target on AI, Self-Driving Optimism

Key Highlights:

Wedbush raised Tesla’s (TSLA) price target to $515 from $400, citing optimism that the incoming Trump administration will accelerate the company’s self-driving and AI initiatives.

Analysts provided a bull case target of $650 by the end of next year and maintained an "outperform" rating on the stock.

Tesla shares hit a record high of $447.41 on Monday before trading up 1% to $440.67.

Wedbush's Optimism:

In a note to clients, Wedbush analysts called the Trump administration a “game changer” for Tesla's autonomous driving and AI advancements. They believe regulatory hurdles that previously slowed full self-driving (FSD) progress will ease under the new White House leadership.

Wedbush estimates Tesla’s FSD and AI opportunity alone could be worth $1 trillion, projecting the company’s market cap to reach $2 trillion by the end of 2025. The analysts also highlighted anticipated growth in EV deliveries in China as a key driver.

Stock Performance:

Tesla shares have surged over 75% year-to-date. Monday’s gains mark another milestone for the EV maker as its self-driving vision continues to attract bullish investor sentiment.

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