Tesla Inc. shares climbed to their first intraday record since November 2021, buoyed by optimism the company’s self-driving ambitions can get a boost under President-elect Donald Trump’s next administration.
Greg Martin, managing director of Rainmaker Securities, says Elon Musk and Donald Trump's close relationship may bring advantages to SpaceX and Tesla.
The stock jumped as much as 3.5% to $415 by 11.45 a.m. in New York on Wednesday, helped by positive analyst commentary over the past week. The shares have now risen 64% since the US presidential election on Nov. 5, adding over $515 billion to the company’s market capitalization.Tesla Chief Executive Officer Elon Musk was a key figure in Trump’s election campaign, and has been picked to co-lead a new Department of Government Efficiency along with entrepreneur Vivek Ramaswamy.
“We are becoming more bullish on Tesla’s Robotaxi segment, following President-elect Trump’s plans to potentially develop a federal framework for self-driving vehicles in the United States,” Cantor Fitzgerald analyst Andres Sheppard wrote in a note to clients on Tuesday as he raised his price target on the stock to $365 from $255.
The next year, however, delivered a rout as fears about inflation and higher interest rates spooked traders. Tesla shares dropped more than 70% in that period, closing at $108.10 on Jan. 3, 2023, down from the Nov. 4, 2021 record of $409.97.
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