1 Wall Street Analyst Just Called Tesla a Top Pick. Is it a Buy Now?

Tesla (NASDAQ: TSLA) stock has emerged as a big winner in 2024. First, the stock soared after its Q3 earnings report release on Oct. 2, posting stronger profit growth than expected, as well as solid revenue growth. Then, Tesla stock soared following the election of Donald Trump as U.S. president. CEO Elon Musk closely aligned himself with Trump, spending hundreds of millions to help get him elected. Investors now expect Tesla will get favorable treatment in return. Reports have also emerged that Tesla will launch its budget-priced Model Q next year, which will be its first electric vehicle (EV) priced under $30,000.The momentum earned Tesla a price-target hike from a longtime bull on the stock.Morgan Stanley's Adam Jonas, a closely followed Tesla analyst, just hiked his price target on the EV stock from $310 to $400 and called it his "top pick" in the auto sector. While Jonas acknowledged that policy changes, like the removal of EV tax credits, could pose a near-term headwind for the company, the company's emphasis on developing an autonomous vehicle is likely to separate Tesla from its competitors.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool