Shares of electric vehicle maker Tesla (TSLA) closed 6% higher on November 18 as the rally sparked by the U.S. presidential victory of Donald Trump continues.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Tesla was one of the top-performing stocks on the day in both the benchmark S&P 500 index and technology-laden Nasdaq, helping to push both indices into the green to start the trading week. TSLA stock finished trading in New York at $338.74 per share, not far from its 52-week high.
Tesla’s share price has now rallied 35% since Trump reclaimed the White House in national elections held in the U.S. on November 5. The stock has been rising on expectations that Tesla will benefit from the close personal relationship between Trump and the EV maker’s CEO Elon Musk.
New Self-Driving Car Rules
TSLA stock got an added pop to begin the trading week from media reports that claim Trump is considering relaxing U.S. self-driving vehicle rules. Such a decision would give a big boost to Tesla and its plans to launch self-driving Robotaxi vehicles in coming years.
Media reports state that president-elect Donald Trump’s transition team is planning to make a federal framework to regulate self-driving vehicles a top priority for the U.S. Transport Department. Tesla is developing Robotaxis, autonomous vehicles that can drive people around without the need for human supervision.
In October of this year, Musk unveiled a Robotaxi prototype, which was essentially a concept car called a “Cybercab” that will reportedly cost $30,000, seat two people, and have no steering wheel or pedals.
Is TSLA Stock a Buy?
Tesla stock currently has a consensus Hold rating among 35 Wall Street analysts. That rating is based on 11 Buy, 16 Hold, and eight Sell recommendations made in the last three months. The average TSLA price target of $207.83 implies 39.91% downside risk from current levels.
