Tesla stock booms to new high as analyst ups price target to $515

Published On Dec 16, 2024, 3:10 PM

Tesla shares have surged, reaching new highs after analyst Dan Ives raised his price target to $515 from $400. This increase is driven by optimism regarding Tesla's potential in the autonomous vehicle space under the incoming Trump administration, which may aid in accelerating regulations around self-driving cars. Ives estimates the AI and autonomous opportunity could be worth at least $1 trillion for Tesla. He predicts the company's market cap could double to $2 trillion by the end of 2025 as demand from China grows and regulatory hurdles ease.

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Analysts have reacted positively to Tesla's strong performance and future prospects, especially with favorable political conditions for autonomous vehicle advancement. Demand in China and the recent price target increase suggest bullish sentiment among investors.

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