"Super Focused" Musk Sparks Tesla (TSLA) Stock Rally - Wedbush Reaffirms Outperform

We recently published a list of 10 AI Stocks on Wall Street’s Radar. In this article, we are going to take a look at where Tesla, Inc. (NASDAQ:TSLA) stands against other AI stocks on Wall Street’s radar.

One of the most notable analyst calls on Thursday, May 29, was for Tesla Inc. Wedbush reiterated the stock as “Outperform.” Tesla, Inc. (NASDAQ:TSLA) is an automotive and clean energy company that leverages advanced artificial intelligence in its autonomous driving technology and robotics initiatives.

The firm said it’s standing by the stock after Elon Musk announced he was leaving DOGE, or the Department of Government Efficiency.

 “In another clear positive step for Tesla bulls, Elon Musk officially left the Trump White House last night … which is music to the ears of Tesla shareholders with Musk now laser focused on Tesla and the autonomous vision ahead.”

The company’s stock was previously slumping because of Musk’s increasing attention to politics and his work at the Department of Government Efficiency (DOGE). After Musk announced that he plans to be “super focused” on his businesses and return to “spending 24/7 at work,” the stock surged in response.

“Back to spending 24/7 at work and sleeping in conference/server/factory rooms. I must be super focused on 𝕏/xAI and Tesla (plus Starship launch next week), as we have critical technologies rolling out.”

-Musk posted on X, his social media platform.

Analysts on Wall Street currently have a consensus “Buy” rating on the stock. The average price target of $306 implies a 15% upside, however, the Street-high target of $500 implies an upside of 39%.

Overall, TSLA ranks 6th on our list of AI stocks on Wall Street’s radar. While we acknowledge the potential of TSLA as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than TSLA and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.