The stock of electric vehicle maker Tesla (TSLA) rose 15% on news that Donald Trump has won the U.S. presidential election, and charts show that the run might just be getting started.
CappThesis, an independent equity research firm that specializes in charts, sees a bullish pattern forming with TSLA stock and says that if the share price can hold above $270 in coming days, it could run all the way up to $400.
Fairlead Strategies, which specializes in technical analysis of stocks, also sees bullish trends forming with Tesla’s stock, though the firm cautions that the share price could meet some resistance around $340.
Tesla’s Big Win
Analysts are singling out Tesla and its stock as a major winner of the U.S. presidential election that will see Donald Trump returned to the White House. Tesla CEO Elon Musk was a prominent supporter of Trump and donated more than $100 million to his political campaign.
Dan Ives, a technology analyst at Wedbush Strategies, called Musk’s support of Trump a “bet for the ages.” Ives currently has a Buy rating and a $300 price target on TSLA stock. The share price of Tesla is currently trading at $287.23 per share and is up 16% on the year.
Is TSLA Stock a Buy?
Tesla stock currently has a consensus Hold rating among 35 Wall Street analysts. That rating is based on 11 Buy, 16 Hold, and eight Sell recommendations made in the last three months. The average TSLA price target of $207.83 implies 27.97% downside risk.
