Elon Musk embraces Republican statesmanlike nominee and erstwhile President Donald Trump during a run rally astatine the Butler Farm Show fairgrounds successful Butler, Pennsylvania, connected Oct. 5, 2024.
Anna Moneymaker | Getty Images
Tesla shares popped 8% connected Monday, continuing to thrust a postelection rally arsenic President-elect Trump, intimately allied with CEO Elon Musk, begins to acceptable up his statesmanlike cabinet.
Analysts astatine Wedbush reiterated their "outperform" standing connected the stock, joining earlier sunny outlooks reacting to Tuesday's results. Tesla precocious reclaimed its $1 trillion marketplace cap aft surging astir 30% past week.
"We are raising our terms people on Tesla to $400 from $300 arsenic we judge the Trump White House triumph volition beryllium a gamechanger for the autonomous and AI communicative for Tesla and Musk implicit the coming years," the Wedbush analysts wrote.
Musk's wealthiness rocketed past $300 cardinal successful the days since Trump's decisive electoral win, further cementing his spot arsenic the richest antheral successful the satellite and joining the question of gains crossed the exertion and crypto assemblage since post-election trading began.
It's unclear whether Musk, who spent at slightest $130 million connected Trump's campaign, volition person an authoritative rubric successful the 2nd Trump White House oregon volition power argumentation decisions from his interior circle.
Either way, Musk stands to gain perchance billions from caller government contracts with his companies, connected apical of the $19 cardinal SpaceX has already been awarded. Some oregon each of the 19 known ongoing national lawsuits and investigations into his companies whitethorn statesman to upwind down entirely.
"It is hard to justice however Elon Musk's progressively adjacent nationalist narration with President Trump could payment Tesla, but this needs to beryllium monitored closely," analysts from Bank of America wrote successful a enactment past week, raising their TSLA terms people from $265 to $350.
Trump has said antecedently he may cut the national $7,500 electrical conveyance taxation credit, and those credits person historically helped to thrust income of Tesla vehicles.
At 1 of his last run rallies, Trump suggested Musk could beryllium enactment successful complaint of "government efficiency," and helium was contiguous connected Trump's telephone telephone with Ukrainian president Volodymyr Zelenskyy 2 days ago.
— CNBC's Michael Bloom, Annie Palmer and Lora Kolodny contributed reporting.
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