Tesla Stock Has Spiked Over 60% Since Earnings, Gene Munster Says These 2 Key Catalysts Will Spur Future Growth For EV Giant

Tesla Inc. TSLA has witnessed a remarkable 63% surge in its stock value since the release of its earnings report in October. This significant growth is attributed to the company’s delivery expansion and the potential of its autonomous driving technology, according to a prominent analyst.

What Happened: Gene Munster, the Managing Partner at Deepwater Asset Management, took to X to highlight the impressive performance of Tesla’s stock since the earnings report on Oct. 23. Munster pointed out that while the Nasdaq has seen a 6% increase, Tesla’s stock has surged by 63%.

He also predicted that the continuous growth in deliveries, expected to remain flat in 2024 and rise by 20% in 2025, combined with the long-term potential of Tesla’s autonomous driving technology, will further boost the company’s fundamentals and lead to additional price appreciation.

“The long-term opportunity around autonomy will power the fundamentals that should lead to further price appreciation,” Munster wrote.

UPDATE: $TSLA is up 63% since reporting earnings on Oct 23, compared to the Nasdaq up 6%.

The accelerating delivery growth next year (flat-ish in 2024 and up +20% in 2025) and the long-term opportunity around autonomy will power the fundamentals that should lead to further price…

— Gene Munster (@munster_gene) November 11, 2024

See Also: Bitcoin Surges Past $80,000 Milestone For First Time On Optimism Over Trump

Why It Matters: This latest surge in Tesla’s stock value follows a series of events that have significantly impacted the company’s trajectory.

The close ties between President-elect Donald Trump and Tesla CEO Elon Musk were evident in the market, with hedge funds that were shorting Tesla experiencing a $5.2 billion loss after Trump’s victory.

For instance, the stock rallied by 47% in just one month following the presidential election, prompting Wedbush analyst Dan Ives to raise the price target from $300 to $400, citing Trump’s win as a potential game-changer for Tesla’s autonomous and AI story.

Price Action: Tesla shares closed Monday with an 8.96% gain, finishing at $350. In after-hours trading, the stock continued to climb, reaching $357.98, according to data from Benzinga Pro.

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Image Via Unsplash

This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote