TSLA Stock Surges In Wednesday Pre-Market After Multiple Price Target Hikes: Elon Musk-Led EV Giant Has Made Investors $490 Billion Richer So Far In 2024

Tesla Inc TSLA stock closed up 2.9% at $400.99 on Tuesday and is up 1.55% in pre-market trading after back-to-back price target (PT) revisions by analysts, with the latest PT revisions coming from Cantor Fitzgerald and Morgan Stanley.

What Happened: Cantor Fitzgerald on Tuesday hiked Tesla’s price target from $255 to $365 while maintaining a “neutral” rating.

Morgan Stanley also hiked Tesla’s target price from $310 to $400 while maintaining an “overweight” rating.

The two are the latest PT revisions for Tesla in the last few weeks. The company witnessed its last PT downgrade in September from RBC Capital. RBC Capital then lowered the company’s PT from $227 to $224. However, the investment bank has since then increased PT and now has an “outperform” rating on the stock and a $313 price target.

Year-to-date, the Tesla stock has gained over 61%, adding nearly $490 billion to investor wealth in this period. Tesla’s market capitalization has increased from $797 billion at the beginning of 2024 to $1.287 trillion as of market close on Tuesday.

Why It Matters: The most significant price target hike in recent weeks, however, is from Roth MKM analyst Craig Irwin, who was bearish on Tesla for a long time. Last week, Irwin raised the EV company's price target by 347% from $85 to $380 and upgraded the rating to a “buy” from “neutral.”

“I don’t see very many negative catalysts… There are abundant positive catalysts… Bias is now to the upside, not the downside. The market cap may be huge… but they are doing big things," Irwin then said.

Overall, 33 analysts have a consensus rating of "Buy" on the Tesla stock, with the highest price target being $411 and the lowest price target being $24.86. The most recent analyst ratings by Cantor Fitzgerald, Morgan Stanley, and Deutsche Bank have an average price target of $378.33, implying a 6.86% downside.

Tesla stock is up by 61.4% year-to-date, according to data from Benzinga Pro. The stock started rallying steadily since Trump’s landslide victory in the U.S. Presidential elections.