Tesla (TSLA) stock has hit an all-time high for the first time in three years as the company’s shares have risen 64% since Donald Trump was re-elected U.S. president on November 5.
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The stock rose to an intraday high of $415, which is 50 cents above its previous record high reached in autumn 2021. TSLA stock is on track to close above of its highest finish ever, which was $409.97 on November 4, 2021.
Elon Musk’s electric vehicle company has enjoyed a blistering rally ever since Trump won re-election. Musk was one of Trump’s biggest campaign donors and public supporters during the election and investors expect Tesla to benefit from the close relationship between the two men.
TSLA Market Value Grows
Tesla’s market value has swelled by about 66% this year, with almost all of those gains coming since Donald Trump’s election win. The stock’s 38% rally in November marked its best monthly performance since January 2023 and its 10th best on record.
The rally has led investment bank Goldman Sachs (GS) to boost its price target on TSLA stock to $345 from 250 previously, joining several Wall Street firms that have lifted their price expectations and ratings on the stock. At the same time, Musk, who is the world’s richest person, has seen his net worth swell to $400 billion.
TSLA stock is now up 67% on the year, with all of that gain coming since the U.S. election.
Is TSLA Stock a Buy?
Tesla stock currently has a consensus Hold rating among 34 Wall Street analysts. That rating is based on 12 Buy, 13 Hold, and nine Sell recommendations made in the last three months. The average TSLA price target of $267.79 implies 35.40% downside risk from current levels.
Read more analysts ratings on TSLA stock
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
