Tesla stock (TSLA) has undoubtedly enjoyed a week to remember. Indeed, the EV maker’s shares jumped by 32.7% during the past five days alone, which has pushed Tesla’s market cap to above $1 trillion. This happened because Musk was a key supporter of Trump during his election campaign, and that could lead to a possible advisory role for him in the administration. In a discussion today with Yahoo Finance, Wedbush analyst Dan Ives described Musk’s political support as a “poker move for the ages.”
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He suggested that autonomous tech could advance faster under Trump’s leadership, which would likely benefit Tesla’s AI ambitions. More specifically, Ives highlighted three potential gains for Tesla:
- Possible EV tax credit changes that could boost pricing and expansion
- Accelerated progress on the Cybercab project
- The removal of current regulatory hurdles
He now sees Musk as an influential voice in the White House and considers it an ideal setup for tech investors. It’s worth noting that, so far, Ives has enjoyed a 62% success rate on TSLA stock, with an average return of 10.1% per rating. He currently has a Buy rating with a $300 price target.
Is TSLA Stock a Buy?
Overall, analysts have a Hold consensus rating on TSLA stock based on 11 Buys, 16 Holds, and eight Sells assigned in the past three months, as indicated by the graphic below. After a 53% rally in its share price over the past year, the average TSLA price target of $207.83 per share implies 35.3% downside risk.
