Thursday, Jefferies analyst Philippe Houchois raised his price target on Tesla stock to $300 from $195 but kept his Hold rating on shares.

Shares of Tesla (NASDAQ: TSLA) were heading lower on reports that the Trump administration planned to eliminate the $7,500 electric vehicle (EV) tax credit. Tesla also issued its sixth recall this year for the Cybertruck,

After a challenging 2023, Tesla (NASDAQ:TSLA) rebounded with a number of strong earnings reports, causing the stock price to take off again. As we speak, Tesla’s stock price is rocketing higher once again,

The company’s CEO has been appointed to a new government role by President-elect Donald Trump, but there are more factors at play for the EV maker.

Tesla stock is on a winning streak, up for five consecutive days coming into Tuesday’s trading. Shares are down early as investors try to catch their breath following epic gains.

Ark Invest funds have been selling the electric vehicle maker's stock over the last few weeks and reinvesting the proceeds into this US tech giant. The post Why this high-flying investor is selling Tesla shares and buying this US tech stock instead appeared first on The Motley Fool Australia.

Tesla's recent stock surge is attributed to potential benefits from Trump's policies. Read why I maintain my sell rating on TSLA.