Elon Musk embraces Republican presidential nominee and former President Donald Trump during a campaign rally at the Butler Farm Show fairgrounds in Butler, Pennsylvania, on Oct. 5, 2024.
Tesla shares popped 8% on Monday, continuing to ride a postelection rally as President-elect Trump, closely allied with CEO Elon Musk, begins to set up his presidential cabinet.
Analysts at Wedbush reiterated their "outperform" rating on the stock, joining earlier sunny outlooks reacting to Tuesday's results.
Tesla recently reclaimed its $1 trillion market cap after surging nearly 30% last week.
Trump has said previously he may cut the federal $7,500 electric vehicle tax credit, and those credits have historically helped to drive sales of Tesla vehicles.
Persons:
Elon Musk, Donald Trump, Trump, Tesla, Musk, Elon Musk's, Volodymyr Zelenskyy, — CNBC's Michael Bloom, Annie Palmer, Lora Kolodny
Organizations:
Wedbush, Trump White House, Trump White, SpaceX, Bank of America
Locations:
Butler , Pennsylvania