A week after Baird lifted its Tesla price target to $548, becoming the most bullish on Wall Street, Wedbush has reclaimed that title by raising its target to $600.
The stock has surged by about 22% over the past 30 days.
In a new research note, Wedbush’s analyst Dan Ives said the firm is reiterating the Outperform rating on the stock.
Ives says the firm is lifting the price target “to reflect our view that an accelerated AI path for the company is now on the horizon.”
He further added that “investors are underestimating the transformation underway at the company, as he believes “Tesla is taking major steps in advancing its AI Revolution path.”
The analyst notes that Tesla has “autonomous and robotics front and center heading into 2026,” which “will be a game changer and define Tesla‘s future.”
For several months, Ives has highlighted autonomous driving and robotics as key areas for Tesla in its reports.
A few weeks ago, when the Board of Directors announced a new pay package for CEO Elon Musk, the analyst had written that it represented “a critical next step to keep Musk as CEO at least until 2030,” as it headed “into one of the most important stages of its growth cycle with the autonomous and robotics future now on the doorstep.”
The plan links rewards to large-scale deployment of next-generation products, including 1 million Robotaxis in operation and 1 million humanoid AI Bots delivered.
The chief executive must also achieve operational and market-cap milestones, with the top target at $8.5 trillion, nearly eight times Tesla’s current valuation.
Last week, Piper Sandler had raised its price target to $500, leading the company’s shares to hit a new nine-month high.
Tesla shares have rallied sharply in recent weeks, with third quarter vehicle deliveries expected to grow year on year, partially due to the sales push amid the end of $7,500 EV tax credit.
On Thursday, Musk wrote on X that “a lot of people thought Tesla stock would collapse as the tax credits came to an end this month. Guess not.”
Last week, Elon Musk has acquired over 2.5 million shares on Tesla — his first purchase in five years — with the total transaction valued at about $1 billion.
After the stock hit its all-time high of $488.54 in December 2024, the value dropped sharply over the following months, hitting its 2025 low in April at $214.25.
However, in the past three months, it has risen by 30%.
The stock declined 4.4% from Wednesday to Thursday, closing at $423.39 — just 15% below its highest value to date.
