Brokerage Roth MKM upgraded Tesla to Buy from Neutral on Monday, citing Elon Musk’s "authentic support" for Donald Trump, which it believes has significantly expanded Tesla’s fanbase. The brokerage raised its price target for the electric vehicle maker to $380, suggesting a 10% upside potential. Roth MKM noted that the upcoming end of the Biden $7,500 EV tax credit could benefit Tesla, as it expects competitors to retreat further from the EV market. It also pointed out that conservative voters' enthusiasm for Tesla could drive demand and support the company's 20%-30% delivery growth forecast for 2025. Tesla’s stock rose by over 2%, exceeding $350 in premarket trading.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Brokerage Roth MKM upgraded Tesla to buy from Neutron Monday, citing Elon Musk's
00:07authentic support for Donald Trump, which it believes has significantly expanded Tesla's fan
00:11base. The brokerage raised its price target for the electric vehicle maker to $380,
00:16suggesting a 10% upside potential. Roth MKM noted that the upcoming end of the Biden $700 EV tax
00:23credit could benefit Tesla, as it expects competitors to retreat further from the EV
00:27market. It also pointed out that conservative voters' enthusiasm for Tesla could drive demand
00:32and support the company's 20-30% delivery growth forecast for 2025. Tesla's stock rose by over 2%,
00:39exceeding $350 in pre-market trading.
00:42For all things money, visit Benzinga.com slash GSTV.