Tesla (NASDAQ: TSLA) stock is soaring today amid a big rebound rally for the broader market. The company's share price was up 18.5% as of 3 p.m. ET. Meanwhile, the S&P 500 index was up 7.2%, and the Nasdaq Composite index was up 9.7%.
The stock market is surging today after President Donald Trump announced some big changes to his administration's tariff policies, and Tesla is seeing outsized gains. In addition to some promising news on the tariff front, an analyst firm named Tesla stock one of its best investment ideas.
Tesla stock rallies on Trump's 90-day tariff postponement
President Trump announced today that his administration would be implementing a 90-day pause on reciprocal tariffs on all countries, with the exception of China. In the interim period, all applicable countries will see import taxes at a universal base rate of 10%.
Conversely, President Trump said his administration would be raising tariffs on China to 125%, jumping from the 104% import tax rate that just went into effect last night. Investors are reacting positively to the pivot on tariff policy, and Tesla and other growth-dependent stocks have seen big rebounds in subsequent trading.
Benchmark just named Tesla one of its best investment ideas
In a note published this morning, Benchmark named Tesla stock one of its best investment ideas despite lowering its one-year price target on the stock from $475 per share to $350 per share. As of this writing, the firm's new price target still suggests additional upside of roughly 44%.
Benchmark thinks recent pullbacks for Tesla's valuation have made the stock a very attractive investment candidate. The firm expects that a new vehicle launch will help Tesla's sales performance recover in the second quarter, and it also sees promise in the company's robotaxi strategy. However, the firm's analysts noted that they were cautiously optimistic that the self-driving vehicle service would be a meaningful near-term catalyst.
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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Tesla. The Motley Fool has a disclosure policy.
