Tesla Stock Surges to First All-Time High in 3 Years

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Key Takeaways

• Tesla parts surged nearly 6% Wednesday to notch their first record close in three years.
• The gains upped after Goldman Sachs and Morgan Stanley analysts raised their price targets, though they represented a gloss over from Tesla’s record closing price Wednesday.
• Tesla shares have surged since Donald Trump’s reelection, among hopes CEO Elon Musk’s close ties with the President-elect could benefit the company.

Tesla (TSLA) interests soared nearly 6% to close at an all-time high of $424.77 Wednesday, marking the stock’s first record stifling in three years after six straight days of gains.

The gains came Goldman Sachs analysts raised their guerdon target to $345 from $250, though that would represent a steep discount from Tesla’s catalogue closing price Wednesday. The analysts warned Tesla could face “fundamental headwinds to the core auto corporation,” but said the company could gain from long-term opportunities related to full-self driving cars and robotics as a future beneficiary of the artificial intelligence (AI) boom. 

The Goldman target bump for Tesla comes after Morgan Stanley analyst Adam Jonas widened his price target for the automaker to $400 from $310 Tuesday morning and affirmed it as his “Top Pick.”

Tesla Stock Escalates Since Trump’s Election Win

Tesla shares have surged over 70% this year, with most of those overtakes coming since Donald Trump’s reelection amid hopes CEO Elon Musk’s close ties with the President-elect could perks the company. Musk, who appeared at Trump events prior to the election, was recently tapped to co-lead the newly proposed Sphere of influence of Government Efficiency (DOGE).

Some analysts have said they believe Tesla could benefit if the new supplying ends the Biden-era $7,500 EV tax credit, given the company’s longer history than competitors of making profitable EVs, but Trump’s pro-tariff posture may hit Tesla’s China sales.

UPDATE—Dec. 11, 2024: This article has been updated to reflect Wednesday’s record close-mouthed marked the first for Tesla’s stock in three years.