Tesla stock (NASDAQ: TSLA) hit a 52-week high on Thursday, nearing the $300 price mark with an intraday high of $299.75.
Shares have surged over the past two days following Donald Trump’s victory in the recent U.S. election.
Trump is considered an ally of Tesla’s CEO, Elon Musk, whose support for Trump’s campaign contributed to the election outcome.
Investors appear optimistic that Trump’s presidency could positively impact Tesla, even amid potential policy shifts, like the possible removal of the electric vehicle (EV) tax credit and a shift away from an EV mandate.
With Trump’s entry into the White House early next year, regulatory hurdles are expected to ease for Musk’s ventures, including Tesla.
Analysts are weighing in, suggesting the stock’s momentum may continue, with Musk’s positive relationship with President-Elect Trump seen as a catalyst for growth.
Dan Ives of Wedbush commented on Wednesday
“It’s a dream scenario for any Tesla bull. This relationship could potentially add $40-$50 per share to TSLA stock right off the bat. We could be looking at a $1 trillion, even $1.5 trillion, market cap for Tesla. Trump may pull the EV tax credit, but from a scale and scope perspective, it could actually benefit Tesla.”
The stock’s rally, which began Wednesday, has carried into Thursday, with Tesla stock trading near the $300 range—a level last seen in September 2022.
At the time of publication, shares were up by 3 percent, trading around $297.40.
