Trump win ‘not as positive as you’d think’ for Tesla, says Barclays

Barclays says the post-election rally in shares of Tesla (TSLA) reflects a “sharp disconnect” between the stock and the company’s fundamentals. Technicals and options are playing an outsized role in the rally, the analyst tells investors in a research note. The firm believes Tesla shares are now best comped to crypto. There are little incremental positives to Tesla’s fundamentals from the election, but Elon Musk’s premium is now elevated, contends Barclays. The last six weeks “serve as a reminder that Tesla remains a narrative king within the market, with fundamentals cast aside,” the firm contends. While 2025 consensus earnings estimates are up slightly in the past six weeks, Tesla’s multiple has increased to a “frothy” 145-times 2025 numbers, up from 80-times immediately pre-election, Barclays points out. It calls Trump’s “not as positive as you’d think” for Tesla’s fundamentals. The firm keeps an Equal Weight rating on Tesla with a $270 price target The stock in premarket trading is down 2% to $472.17.