Why Wedbush Is Back Among the Street’s Top Tesla Stock Bulls

Wedbush analysts on Friday lifted their price target for Tesla (TSLA) stock to one of the Street’s highest as they look ahead to the electric vehicle maker’s planned June launch of fully autonomous Teslas in Austin, Texas.

The analysts, led by Dan Ives, increased their price target to $500 from $350, reclaiming the spot as the most bullish tracked by Visible Alpha. That’s well above the site’s mean just above $296, which is below current prices; the shares were recently edging lower. (Read Investopedia’s full coverage of today’s trading here.)

The new price target puts Wedbush analysts closer to the $550 goal it held for Tesla stock before CEO Elon Musk’s involvement in the Trump administration fired up what they called a “brand crisis tornado.”

Analysts See ‘Vast Majority’ of Tesla’s Valuation in Autonomous Tech

“We believe the vast majority of valuation upside looking ahead for Tesla is centered around the success of its autonomous vision taking hold with a key June launch in Austin the beginning of this next era of growth,” the analysts wrote.

Ives previously called for Musk to step back from government work, and has said this week that he sees a “different Musk” that appears to be more committed to Tesla after saying he would scale back his government work in last month’s earnings call.

In a pair of interviews on Tuesday, Musk said that Tesla’s launch of paid autonomous rides and plans for a more affordable vehicle are on track, and said he intends to continue serving as Tesla CEO for the next five years despite reports that the company has considered searching for a successor.

Tesla shares are on a four-week winning streak.