Elon Musk Hopes TSLA Stock Will Reach $690 As Analysts Raise Price Target Despite Technical Indicators Flashing Warning Signals

Tesla Inc TSLA CEO Elon Musk on Monday expressed hope that the company’s stock will touch $690 in the future, without specifying a timeline.

What Happened: “At some point in the future, I think that will happen,” Musk wrote on X in response to an X user who said that they are now waiting for the stock to hit $690.42.

At some point in the future, I think that will happen
— Elon Musk (@elonmusk) December 17, 2024

Tesla stock closed 6.14% higher at $463.02 on Monday. The stock is up 86.39% year-to-date, according to data from Benzinga Pro, thanks to its rally since Donald Trump‘s landslide victory in the U.S. Presidential elections.

Analyst Take: Mizuho Securities analyst Vijay Rakesh on Monday increased the price target on Tesla to $515 from $230 and upgraded the stock’s rating from “neutral” to “outperform.”

Wedbush analyst Dan Ives earlier this week also raised the price target on the EV giant’s stock from $400 to $515. "…we believe the Trump White House will be a ‘total game changer' for the autonomous and AI story for Tesla and Musk over the coming years," Ives said in a post on social media platform X.

Why It Matters: Many, including Ives, are hopeful that Musk's newly forged friendship with President-elect Donald Trump will enable a better environment for the deployment of autonomous vehicles while his other policies against EVs will harm smaller rival players, effectively reducing competition for Tesla.

Tesla stock has surged over 60% since the 2024 election results were announced. As per Benzinga’s analysis of technical indicators, the stock price is high and overbought.

Tesla shares are trading at a price nearly 126 times over its 2025 earnings, according to Benzinga Pro data. At the same time, the average forward price-to-earnings of its peers stand at 25.75 times, implying that Tesla is over five times more expensive than its industry's average.