Shares in electric vehicle (EV) manufacturer Tesla hit a 52-week high following the release of a bullish stockbroker’s report.
The share price closed at US$369.49 (A$568.44), up $11.56 (3.23%), on Thursday (Friday AEDT) after trading between $359.50 and a $375.43, the highest level in a year, to capitalise the company at $1.15 trillion.
The increase was attributed to positive comments from BofA (Bank of America) Securities after the investment banks’ analysts visited a Tesla (NASDAQ: TSLA) factory in Texas.
BofA lead analyst John Murphy increased his price target to $400 from $350 and maintained his Buy rating on the stock after the site trip, according to a media report.
“The trip gave us increased confidence that TSLA is well-positioned to grow in 2025+ with its core EV business and launch of its robotaxi offering, and longer-term from its investments in Optimus,” lead analyst John Murphy wrote in a note to investors.
The Robotaxi is a fully autonomous electric taxi and Optimus is a humanoid robot.
Murphy said Tesla had also indicated a low-cost EV, which he believes will cost less than $30,000, would be introduced in the first half of 2025.
Analysts were also reported to believe the outlook was positive for Tesla under incoming President Donald Trump, who is expected to wind back regulations facing the company and has named Tesla founder Elon Musk in his Cabinet to help reduce red tape.
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