Tesla stock soars 9% as Wall Street grows more bullish after 'gamechanger' election

Published On Nov 11, 2024, 4:05 PM

Tesla's stock soared 9% following optimism from Wall Street regarding the election results, which traders believe could favor the company under a Trump administration. Analysts from Wedbush raised their price target for Tesla from $300 to $400, believing that the focus on autonomous driving and AI will be accelerated under the new government. This positive sentiment has driven Tesla's market cap over $1.1 trillion and contributed to a significant short-squeeze, costing short-sellers billions. The overall outlook for Tesla remains bullish due to these developments.

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Positive

The election results suggesting a potentially favorable regulatory environment for Tesla have prompted analysts to raise their price targets significantly. This positive outlook, combined with the substantial short interest in the stock leading to potential squeeze scenarios, bolsters confidence among investors.

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