NEW YORK / MÜNCHEN - Tesla's stock surged to a record high of $424.77 on December 12, 2024, marking the sixth consecutive day of gains. This increase reflects growing investor confidence and optimism regarding the company's future prospects.
The stock rose by 5.9% following positive reports from analysts at Goldman Sachs and Morgan Stanley. Goldman Sachs raised its price target for Tesla from $250 to $345, while Morgan Stanley analyst Adam Jonas increased his target from $310 to $400, labeling Tesla as his 'Top Pick.'
Since the recent U.S. presidential election, Tesla shares have appreciated over 70%, driven by expectations that CEO Elon Musk's ties with President-elect Donald Trump could favor the company. Musk has been nominated as co-leader of the proposed Department of Government Efficiency (DOGE).
Analysts suggest that Tesla may benefit from potential changes in electric vehicle tax credits, given its established production history compared to competitors. However, challenges such as potential tariffs affecting sales in China could pose risks to the company.
Investors are advised to monitor key support levels at $380 and $300 as the stock continues to trend upward.