Continuing what has been a mammoth year for the company, Tesla (TSLA) has reached a new high as Bank of America has upped the stock’s price target to $400. Indeed, the electronic automobile manufacturer has been surging since Donald Trump won the 2024 presidential election.
The company’s is up more than 3.3% as it reaches a 32-week high at its current price nearing $370. With an all-time high of $409, there are expectations that the company could challenge that figure in 2025. Considering its continued increase over the last month, that kind of surge would certainly not be out of the question.
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Tesla Hurling Toward All-Time High as Bank of America Boosts Price Target
Since the outcome of the 2024 election, Tesla has been surging. A primary reason has been CEO Elon Musk’s connection to Donald Trump and his position ahead of the incoming administration’s Department of Government Efficiency. Now, all eyes are on how the EV developer could perform in the coming year.
Continuing its most recent performance, Tesla has reached a 32-week high as Bank of America has increased the company’s stock price to $400. The target increase was driven primarily by the company’s Optimus robot’s potential impact on its business operations.
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The Optimus robot is currently being used in Tesla’s energy storage division. Moreover, the company has high hopes for its Robotaxi, which debuted earlier this year. Additionally, the company has set aside $10 billion for investments in things like AI and long-term project development.
These kinds of developments have the company eyeing a $1.6 trillion market cap. Moreover, the presence of Elon Musk maintains a positive trajectory, as investors seem to place increased faith in his capabilities. Above all, the coming year should be one to remember for the company. It is bound to challenge the $410 mark as it continues to embrace its optimistic approach to products.