A bullish analyst on Thursday lauded the shareholder verdict on Tesla, Inc. (NASDAQ:TSLA) CEO Elon Musk's compensation package as a "pop the champagne moment" for the company and the billionaire.

The Tesla Analyst: Wedbush analyst Daniel Ives maintained an Outperform rating and $275 price target for Tesla shares, implying scope for roughly 55% upside from current levels.

The Tesla Thesis

Removal Of Overhang: "Both the hot button 2018 Comp Package and Incorporation in Texas" have been overwhelmingly approved, Ives said, citing Musk's post on X overnight. He sees this as removing a $20-$30 overhang on the stock.

"We believe an overwhelming retail presence voting green light for both proposals was key to approval despite some large shareholders voting no," the analyst said. Citing his discussions over the past month, he said large shareholders also knew that voting against the proposal would potentially lead to Musk's eventual exit from Tesla.

What To Expect At Shareholder Meet: Ives said he expects Musk to address "keeping AI initiatives under the hood of Tesla" at the shareholder meeting. The board will likely strive to get Musk an incentive-driven 25% ownership of Tesla, he said, adding that this will likely resolve the "AI threat saga" that played out in the past few months.

Musk will likely recommit to a third five-year tenure at Tesla and touch upon the sub-$30K electric vehicles, autonomous initiatives and the upcoming Aug. 8 robotaxi event, Ives said.

"It's roses and rainbows today in Austin although demand challenges remain and this is pivotal period for Tesla and Musk to navigate this turbulent period to see improved demand, FSD success, and new model rollouts over the coming year," the analyst said.

"Tesla is Musk and Musk is Tesla....shareholders spoke loud."

Price Action: Tesla shares climbed 6.38% to $188.60 in premarket trading, according to Benzinga Pro data.

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