Tesla Inc (NASDAQ:TSLA) CEO Elon Musk on Monday expressed hope that the company's stock will touch $690 in the future, without specifying a timeline.
What Happened: "At some point in the future, I think that will happen," Musk wrote on X in response to an X user who said that they are now waiting for the stock to hit $690.42.
At some point in the future, I think that will happen
— Elon Musk (@elonmusk) December 17, 2024
Tesla stock closed 6.14% higher at $463.02 on Monday. The stock is up 86.39% year-to-date, according to data from Benzinga Pro, thanks to its rally since Donald Trump's landslide victory in the U.S. Presidential elections.
Analyst Take: Mizuho Securities analyst Vijay Rakesh on Monday increased the price target on Tesla to $515 from $230 and upgraded the stock's rating from "neutral" to "outperform."
Wedbush analyst Dan Ives earlier this week also raised the price target on the EV giant's stock from $400 to $515. "...we believe the Trump White House will be a 'total game changer' for the autonomous and AI story for Tesla and Musk over the coming years," Ives said in a post on social media platform X.
Why It Matters: Many, including Ives, are hopeful that Musk's newly forged friendship with President-elect Donald Trump will enable a better environment for the deployment of autonomous vehicles while his other policies against EVs will harm smaller rival players, effectively reducing competition for Tesla.
Tesla stock has surged over 60% since the 2024 election results were announced. As per Benzinga's analysis of technical indicators, the stock price is high and overbought.
Tesla shares are trading at a price nearly 126 times over its 2025 earnings, according to Benzinga Pro data. At the same time, the average forward price-to-earnings of its peers stand at 25.75 times, implying that Tesla is over five times more expensive than its industry's average.
Check out more of Benzinga's Future Of Mobility coverage by following this link.
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Image via Tesla