Tesla (TSLA) is on a 69% tear since Donald Trump's election win, as investors speculate that self-driving is coming soon, with the Trump administration easing the regulatory path for autonomous vehicles.
TSLA shares fell 1.7% to 417.30 during market action on Thursday after jumping to 424.88 on Wednesday, a record high for the stock, before closing at 424.77. The company's previous all-time high was 414.50 which it hit on Nov. 4, 2021. That day it closed at 409.97.
Prior to this week, the stock last touched 400 in January 2022, according to MarketSurge charts.
Adam Jonas, Morgan Stanley's high-profile auto analyst and a TSLA bull, on Tuesday hiked his Tesla stock price target to 400, up from 310, reiterating an overweight rating on the EV giant. Jonas also maintained Tesla as a "top pick."
"Elon Musk's entry into the political sphere has expanded investor thinking around Tesla's fundamental outlook – TSLA shares have since responded by rallying beyond our prior 310 price target," Jonas wrote.