Summary:
⚈ Musk pledged to reduce political focus, easing investor concerns.
⚈ TSLA remains down 38.5% YTD despite recent rally.
Wedbush analyst and famed Tesla (NASDAQ: TSLA) bull Dan Ives unveiled his second price target revision for the electric vehicle (EV) maker’s stock in less than a month as he upgraded his TSLA forecast from $315 to $350.
The reassessment came after the car company published a grim quarterly report and, despite the dire results, investors reacted positively to the figures, enabling the equity to soar by approximately 11% since April 21.
Still, though bullish, it is noteworthy that Ives’ analysis arguably constitutes wishful thinking. The analyst has, for much of 2025, been calling for Elon Musk to focus on his role as Tesla CEO and, at the very least, reduce his involvement in politics.
The call arose from two key factors. Historically, shareholders haven’t had much patience for the South African-Canadian-American billionaire’s divided attention, as evidenced by the TSLA slump during the X acquisition and reorganization.
Additionally, the CEO’s political activities have triggered a backlash, substantially decreasing first-quarter (Q1) sales.
Why Tesla stock could sustain the TSLA rally
Unlike Ives’ previous calls for Musk to return to his primary duties, there is, at press time on April 24, indication that Tesla will soon regain the undivided attention of its highest-paid employee.
Specifically, Elon Musk recently pledged to ‘significantly’ cut down on his involvement with the controversial Department of Government Efficiency (D.O.G.E.).
Furthermore, the positive impact of the latest development can also be seen in the revision, as Dan Ives’ previous reassessment—a price target cut from $500 to $315—proved an uncharacteristically dire outlook for the EV maker.
Tesla’s biggest bull forced to give ground despite positivity
It is also noteworthy that the latest target upgrade still represents a 30% downward revision compared to the pre-April forecast.
The setup is, however, fitting considering that TSLA shares have been performing well in isolation. On the one hand, they are 5.37% up in the daily and 12.14% in the green in the weekly chart.
Zooming out reveals that, with Tesla stock’s press time price of $253.19, it remains 38.50% down year-to-date (YTD) and 47.25% below its mid-December highs near $480.
Featured image via Shutterstock
