Tesla stock (NASDAQ: TSLA) reached a 52-week high on Thursday after it flirted with the $300 price level, reaching a high of $299.75.
Shares exploded over the past two days as the United States elected Donald Trump as its next President, a big ally of CEO Elon Musk, who helped propel Trump to a massive victory by campaigning alongside him.
Investors are effectively showing that they believe Trump’s presidency will benefit Tesla as a company, despite the potential for the end of the electric vehicle tax credit and a probable move away from an EV mandate.
Regulatory hurdles are likely to become less of an issue for Musk and his companies now that Trump will take over the Oval Office early next year.
Analysts are also putting in their two cents, stating that the positives truly rely on Musk’s great relationship with President-Elect Trump.
Dan Ives of Wedbush said on Wednesday:
“It’s a dream scenario for any Tesla bull. I think this could ultimately add $40-$50 per share to TSLA stock right off the bat. We could now be talking about a $1 trillion, $1.5 trillion market cap for Tesla. Because first off, from an EV perspective, (Trump) will pull the EV tax credit, but that from a scale and scope perspective, is a positive for Tesla.”
Shares exploded on Wednesday, but that momentum has carried well into Thursday as Tesla stock is trading at levels that are close to the $300 range.
Tesla stock has not traded at that level since September 2022.
At the time of publication, shares were up 2.75 percent and were trading at $296.65.
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