Amid what has been a monumental few months for the company, Tesla (TSLA) stock is currently nearing an all-time high price, with $500 beginning to become more of a reality for the EV manufacturer. The question is, can the company reach the mark before the calendar turns to 2025?
The Elon Musk-led firm has undoubtedly benefited from his connection with President-elect Donald Trump. Following his election win in early November, the company has been surging in value as it eyes its highest price in more than two years. With a record stock price more likely than not, all eyes are on what’s next.
Also Read: Tesla (TSLA) Eyes Highest Price Level in 4 Years
Tesla to $500? 2024 Looks to Surge Past All-Time Price
Last week, Bank of America upped its price target for Tesla (TSLA) to $400. The move was a big one and spoke to the potential for the company to continue gaining value well into next year. Yet, the automobile developers’ performance has already outpaced those estimations.
Early Tuesday, the stock had already traded above the $404 level. Now, with Tesla nearing an all-time high price above $414, there are talks of the stock targeting the $500 level before 2025 even arrives. Although that is certainly an optimistic expectation, the company has shown to be outperforming most metrics since November.
Also Read: Tesla Eyes Best Month Ever as Stock Surges 33%
Monday, the stock closed at $389 with analysts not yet sold on its $500 potential. Morgan Stanley followed Bank of America’s lead, giving the stock a $400 target. However, Cantor Fitzgerald is far less excited about the company’s prospects. They recently raised its target to $365 from its previous $255. Additionally, they kept a neutral rating on the stock.
In a recent note, the company sounded bullish on the self-driving advancements at Tesla. In October, the company announced its long-awaited Robotaxi. The firm notes Trumpp is likely to develop plans for a regulatory framework regarding self-driving cars. That would see “Telsa as a major beneficiary,” they added. Ultimately, it could push the stock price well beyond the $500, but with questions regarding the timeframe for such regulations.
