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28 days ago
'Bull case' target for Tesla's stock implies speed-up of FSD plans under Trump
Tesla's stock was shooting up 5.3% toward a second-straight record close, and third in four sessions, after Wedbush's Dan Ives boosted his base-case price target to $515 from $400, on the idea that the CEO Elon Musk's endorsement of Trump will be known as a "bet for the ages."
His bull-case target of $650 implies about 42% upside from current levels.
Ives also said Tesla's launch of its Cybercab robotaxi business, which Ives sees as the "golden goose" for the EV maker, could be accelerated into 2025 from current plans for early 2026.
Since the Nov. 5 election, Tesla's stock has run up 82.6% to add about $667 billion to the company's market capitalization, which now sits at $1.47 trillion.
That's the biggest post-election gain in market cap of all the Magnificent Seven technology giants. The second-biggest increase was the $417.05 billion increase in Apple's market cap.
Nvidia is the lone loser, as it has shed $208.9 billion in market cap since the election.