Shareholders of Elon Musk and Tesla (NASDAQ:) are having a “pop the champagne” moment after their controversial 2018 compensation package and Texas incorporation received overwhelming approval at the company's annual meeting in Austin, Wedbush analysts said.
Marking a pivotal moment for the company, company analysts expect the $20 to $25 surplus on TSLA shares, disturbed by a puzzling Delaware ruling earlier this year, to be approved to be removed.
For this reason, Wedbush has now raised its price target for TSLA's bullish case to $350 heading into the next 12 to 18 months.
The move comes as analysts at Wedbush believe the next chapter in Tesla's growth story around autonomous driving and FSD is now on the horizon in the near-term that is set to take Tesla's valuation north of $1 trillion in 2025 in our view.
The investment firm's primary 12-month price target on Tesla is $275, which implies an upside of more than 50% from Thursday's closing price.