Tesla Inc. TSLA shares surged past $400 in Robinhood Inc.‘s overnight trading service, reaching $401.16 as of 12:11 am EST Monday in New York, approaching its all-time high of $407.36 set in November 2021.
What Happened: The electric vehicle maker’s stock has seen remarkable momentum, closing Friday at $389.22, up 5.34%.
The surge follows a wave of bullish analyst reports, led by Bank of America Securities raising its price target to $400 from $350 while maintaining a “buy” rating. BofA Senior Automotive Analyst John Murphy cited a recent visit to Tesla’s Texas gigafactory and experience with the company’s Full Self-Driving version 13.2 as key factors.
See Also: Elon Musk Asks ‘Was It Ever Not A Lie’ As OpenAI Plans To Drop AGI Clause In Microsoft Deal
Why It Matters: Last week, longtime Tesla bear Craig Irwin of Roth MKM upgraded the stock to “buy” from “neutral,” dramatically raising his price target to $380 from $85. “I don’t see very many negative catalysts… Bias is now to the upside, not the downside,” Irwin stated.
However, not all analysts share the optimism. Guggenheim maintained its “sell” rating while lifting its target to $175 from $156. According to Benzinga Pro, Tesla’s consensus price target stands at $248.56, based on 34 analyst ratings, ranging from Stifel’s high of $411 to GLJ Research’s low of $24.86.
The stock’s current valuation reflects a price-earnings ratio of 106.72, with shares trading well above their 52-week low of $138.80. Analysts are particularly focused on Tesla’s planned launch of a lower-cost EV model next year and the continued development of its Optimus humanoid robot project.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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