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Tesla Inc (NASDAQ:TSLA) CEO Elon Musk expressed hope on Monday that the company’s shares will reach $690 in the future, without specifying a timeline.
What happened: “At some point in the future I think that will happen,” Musk wrote on X in response to an X user who said they are now waiting for the stock to reach $690.42.
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Tesla stock closed 6.14% higher at $463.02 on Monday. According to data from Benzinga Pro, the stock is up 86.39% this year, thanks to the rally since Donald Trump‘s landslide victory in the US presidential election.
Analyst takes: Mizuho effects analyst Vijay Rakesh On Monday, the price target for Tesla was raised from $230 to $515 and the stock’s rating was raised from ‘neutral’ to ‘outperform’.
Wedbush Analyst Then Ives earlier this week also raised the price target for the EV giant’s stock from $400 to $515. “…we believe the Trump White House will be a ‘total game changer’ for the autonomous and AI story for Tesla and Musk in the coming years,” Ives said in a post on social media platform X.
Why it’s important: Many, including Ives, are hopeful that Musk has forged a new friendship with the newly elected president Donald Trump will enable a better environment for the deployment of autonomous vehicles, while its other policies against electric vehicles will hurt smaller rival players, effectively reducing competition for Tesla.
Tesla shares have risen more than 60% since the 2024 election results were announced. According to Benzinga’s analysis of technical indicators, the stock price is high and overbought.
According to data from Benzinga Pro, Tesla shares are trading at a price nearly 126 times higher than its 2025 earnings. At the same time, the average forward price-to-earnings ratio of its peers is 25.75 times, implying that Tesla is more than five times is more expensive than the industry average.
