Elon Musk is all set to head the Department of Government Efficiency, or DOGE. The Tesla chief took to Twitter to announce the news of his appointment by sharing a detailed statement announcing his political debut officially under the leadership of President-elect Donald Trump. The news is set to impact various domains, including Tesla stocks and cryptocurrencies, both of which Musk is closely linked with.
Also Read: AI Predicts Bitcoin’s Price (BTC) As Musk Debuts As DOGE Dept’ Lead
Analyst Share Bullish Forecast For Tesla Stock
Tesla (TSLA) has lately been delivering stellar gains. The shares of the EV giant jumped as high as 40% post-the US elections when Trump was announced as the next US president. The Trump-Musk duo has long been planning on revamping the US budgetary segments, involving stringent tax cuts and curbing unnecessary government expenses.
As Musk assumes a new role, analysts, in particular, have predicted a bullish trajectory for Tesla. Experts claim that Trump’s presidency is negative for the EV domain overall but may come with a specific set of benefits for Tesla. Musk-Trump camaraderie has been a topic of great discussion between political and economic scholars for a long time.
In addition to this, Musk has long been promoting Trump for the US presidential role, spending as much as $130 million out of his pocket to help Trump’s campaign become a huge success.
Per Investors, WedBush securities analyst Dan Ives has already forecasted the TSLA price to hit $400 based on changes that Musk may bring in under Trump’s leadership.
“The Trump White House win will be a game-changer for the autonomous and AI story for Tesla and Musk over the coming years.” Ives stated
The expert later claimed how Trump’s presidential win ushered in a friendlier regulatory environment to support autonomous driving and the AI boom.
“The $1 trillion AI valuation will start to get unlocked in the Tesla story. And we believe the march to a $1.5 trillion- $2 trillion valuation for TSLA. That too over the next 12 to 18 months has now begun In our view. With FSD and autonomous penetration of Tesla’s installed base and the launch of Cybercab representing the golden goose.”
Also Read: XRP’s Rare Pattern: Top Trader Predicts $1 After 17% Surge
TipRanks Ranking For Musk’s EV Firm
As per TipRanks, Tesla (TSLA) is currently targeting $310, which it may finally claim within the next 12 months.
“The average price target for Tesla is $207.83. This is based on 35 Wall Street analysts 12-month price targets issued in the past 3 months. The highest analyst price target is $310.00; the lowest is $24.86. The average price target represents a -36.73% decrease from the current price of $328.49. Tesla’s analyst rating consensus is a hold. This is based on the ratings of 35 Wall Street analysts.”
Also Read: Did Donald Trump’s Crypto Portfolio Decline Post Election Victory?