Tesla Inc. (NASDAQ: TSLA) shares are up 86% so far this year. Most of the run has been since the presidential election. By contrast, the S&P 500 is 27% higher in 2024. The jump has taken the electric vehicle (EV) maker’s market cap to $1.5 trillion. One securities firm has a price target that would take the stock to just over $610. That means Tesla would be worth $2 trillion. Only Apple, Microsoft, and Nvidia are worth more than that.

Wedbush’s target of $650 is the most aggressive among Tesla bulls. In several cases, however, this stock has moved so quickly that even firms with Overweight, Buy, and Outperform ratings have price targets below the stock’s level. With shares at $466 apiece, some experts will likely increase their targets.

Tesla bulls are looking beyond its position in the EV market. However, they do expect U.S. sales to grow as the market in the United States expands. They argue that the company will pick up market share in China, where local companies, led by BYD, currently have a sales edge.

However, the primary reason that its shares will rise so much is not its position as an EV company. It is that Tesla will take the lead in autonomous vehicles. These would require absolutely no action by the driver. Tesla is often considered at the forefront of self-driving technology across the entire industry, including gasoline-powered cars and EVs. Nvidia CEO Jensen Huang recently said, “Tesla is far ahead in self-driving cars.” No technology, including the launch of EVs, would change the industry more.

There is an argument that the relationship between Tesla CEO Elon Musk and President Trump will also help the company. It is hard to understand the specifics of that, but it is part of the Tesla bull conversation.

Tesla Is on Track to Become a $3 Trillion Company Says One Analyst

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