Wedbush: Tesla bull case upped to $350 after Musk's pay package approval

Published 14/06/2024, 09:32
© Reuters

Elon Musk and Tesla (NASDAQ:TSLA) shareholders are having their “pop the champagne” moment after the contentious 2018 compensation package and the incorporation in Texas received overwhelming approval at the company’s annual meeting in Austin, Wedbush analysts said.

Marking a pivotal moment for the company, the firm’s analysts expect the approval to remove the $20-$25 overhang on TSLA stock, which has been troubled by the perplexing Delaware ruling earlier this year.

Because of this, Wedbush has now raised its bull case TSLA price target to $350 heading into the next 12 to 18 months.

The move comes as analysts at Wedbush “believe the next chapter in the Tesla growth story around autonomous and FSD is now on the near-term horizon set to take Tesla's valuation to north of $1 trillion in 2025 in our view.”

The investment firm’s base case 12-month price objective on Tesla is $275, implying more than 50% upside from the Thursday closing price.

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