Tesla Stock Touches Another Record High

Tesla (TSLA) shares hit a second record high in as many days Tuesday after another analyst upgraded their rating of the electric vehicle maker. 

Mizuho lifted its Tesla rating to “outperform” and raised its price target to $515 from $230 in a note Tuesday. That would represent an 11% to Monday’s close; the stock was recently up about 1% at near $469 after earlier rising above $480. Wall Street’s median target is below recent levels at closer to $300.

The firm sees Tesla as having “idiosyncratic tailwinds” over the next four years of the Trump administration, including the potential loosening of regulations on autonomous driving and the repeal of a consumer EV tax credit that could benefit Tesla relative to its peers. 

Shares of Tesla have surged 90% in 2024 with most of those gains coming after the Nov. 5 election on optimism that CEO Elon Musk’s ties to President-elect Donald Trump will lift the company’s various businesses.

The Mizuho note comes a day after Wedbush lifted its price target to $515 from $400, and gave a “bull case” scenario of $650 next year. Wedbush’s analysts argued that Tesla could have a $2 trillion market cap by the end of 2025 as the self-driving vision takes shape, and because of an expected jump in deliveries of EVs in China.