One of the biggest winners of the last months, Tesla (TSLA) has increased a rather impressive 69% since Donald Trump emerged victorious in the 2024 presidential election. Yet traders are now pondering if now is the time to buy in. Or, are they too late to find a viable entry point for the surging stock?
Tesla has undoubtedly been one of the most recognizable brands in the automotive industry over the last several years. It has become a leader in electronic vehicle (EV) manufacturing and has its eyes on some revolutionary products in the coming years. However, there is still the question of how much room there is left to run for traders wanting to get in on the skyrocketing stock.
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Tesla Continues November Surge, But Is Now The Time to Buy In?
When Elon Musk began appearing alongside Donald Trump on the 2024 campaign trail, there was a lot of uncertainty. Musk was set to head the President-elect’s Department of Government Efficiency (DOGE). Although the move was fully embraced by the SpaceX CEO, there were concerns about how the new commission could affect his other responsibilities.
However, that doesn’t seem to be the universal belief, considering how Wall Street has responded. Elon Musk’s Tesla (TSLA) is up 69% since Trump emerged victorious, with traders pondering if now may be the time to buy. Despite its recent all-time high share price reached Wednesday, investment banks like Goldman Sachs are still “cautious” about the investment.
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However, there is still an overwhelmingly positive sentiment regarding Tesla. Morgan Stanley analyst Adam Jones recently increased his TSLA price target. Indeed, the figure was upped from $310 to $400. Moreover, he noted the stock was a “top pick,” while maintaining an overweight rating.
“Elon Musk’s entry into the political sphere has expanded investor thinking around Tesla’s fundamental outlook,” Jones said. “TSLA shares have since responded by rallying beyond our piro $310 price target.”
“From our ongoing client discussions, we hear enthusiasm for all things,” Jones added. “AI, datacenters, renewable energy, robotics, and onshoring.” Although he predicted “significant hurdles” to the company’s autonomous vehicle proposals, it doesn’t deter the clear optimism for the company to continue gaining well into next year.
