A New Benchmark
Tesla Inc. stock recently reached the $420 mark, a significant milestone for the electric vehicle giant. This achievement comes after an impressive year of stock performance.
Celebrating the Milestone
Elon Musk, Tesla’s CEO, took to X (formerly Twitter) to celebrate the milestone. In a message, he wrote, “As foretold in the prophecy,” accompanied by a screenshot of the stock price.
Ross Gerber, CEO of Gerber Kawasaki Wealth and Investment Management, also chimed in on X with a simple “420.”
Gary Black, managing partner at Future Fund LLC, shared a screenshot of the stock price graph, noting, “I see what you did there. $tsla.”
A Look Back
This marks the first time Tesla’s share price has crossed the $420 threshold since a stock split in August 2022. Previously, in 2018, Musk had teased about taking Tesla private at $420 per share. Although the company remains publicly traded, surpassing the milestone has sparked excitement and praise from investors and analysts.
Why It Matters
Tesla’s stock has surged 70.99% year-to-date. Morgan Stanley analysts have named Tesla as their top stock pick for 2025. The stock’s rise is also attributed to Tesla’s innovation, according to Gene Munster of Deepwater Asset Management, who praised the EV giant’s advancements in autonomy and robotics.
Strong Sales Performance
Tesla’s strong sales performance in China has also bolstered its market position, with the Model Y leading sales in November.
Price Action
On Wednesday, Tesla shares closed the trading session with a 5.93% gain, ending at $424.77. In after-hours trading, the stock continued to climb, rising another 0.89% to reach $428.57.
Expert Opinions
Tesla stock currently holds a consensus “hold” rating from analysts, with Stifel projecting the highest price target of $411 on Dec. 2. Latest targets from Goldman Sachs, Cantor Fitzgerald, and Morgan Stanley average around $370, pointing to a potential 13.67% downside.