Investing.com — Shares of Tesla Inc (NASDAQ:) soared on Monday, pushing the electric car maker’s market capitalization closer to the $1.5 trillion mark, as analysts suggest a Trump White House would be a game changer could be for the company and its CEO Elon Muskus.
The stock rose as much as 5.6%, continuing its impressive rally since the close on November 5. Since that date, Tesla shares have risen 82%, increasing the company’s market value to approximately $1.47 trillion.
Investors see the relationship between Musk and President Donald Trump as a potential asset, especially for advancing Tesla’s autonomous vehicle initiatives.
“We believe a Trump White House will be a total game changer for Tesla’s autonomous and AI developments over the next four years,” a Wedbush analyst wrote in a note on Monday.
The company raised its price target for Tesla from $400 to $515 and set a bullish case target of $650 in 2025. Wedbush also estimates that Tesla’s AI and autonomous driving capabilities alone could be worth at least $1 trillion.
In addition, Truist Securities also raised Tesla’s price target to $360, maintaining a Hold rating.
“Given the importance of this relationship, we are taking a more open view on Tesla’s ability to generate positive cash flows across its various businesses, including the addition of a robotaxi service to our projections,” noted a Truist Securities analyst.
CEO Elon Musk’s net worth surpassed $400 billion last week, according to Forbes’ real-time billionaires list.
