Tesla stock soars 9% as Wall Street grows more bullish after 'game-changer' election

Published On Nov 11, 2024, 4:05 PM

Tesla's stock rose nearly 9%, reaching its highest levels since early 2022, following optimism around the election of Donald Trump. Analysts from Wedbush increased their price target for Tesla from $300 to $400, citing potential benefits for the company's AI and autonomous vehicle initiatives under the Trump administration. The company’s market capitalization surpassed $1.1 trillion, with significant short covering expected due to a recent short squeeze on those betting against the stock, resulting in a loss of $8.72 billion for short sellers since November 4.

Read full article

Stock Forecasts

AI prediction results, not representative of any investment advice.

TSLA View TSLA chart on TradingView

Positive

The positive sentiment surrounding Tesla is likely to continue as regulatory hurdles may be reduced, and demand for electric vehicles is on the rise. The strong backing from the administration may accelerate investments in autonomous driving technology, further boosting Tesla's market position. Short sellers' positions may also contribute to upward stock pressure as they are forced to cover their losses.

Tesla stock soars 9% as Wall Street grows more bullish after 'game-changer' election

Stock Forecasts

TSLA View TSLA chart on TradingView

Related News