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Billionaire investor says Tesla stock will ‘go up huge’

Billionaire investor says Tesla stock will ‘go up huge’

For much of 2024, Tesla Motors (NASDAQ: TSLA) has mostly been referenced in the news in a negative context – an expected result of it, by March, decisively becoming the worst-performing S&P 500 stock, even beating the catastrophe-ridden Boeing (NYSE: BA) to the title.

Things, however, took a major turn for the better upon the release of the first-quarter earnings report, which, despite failing to meet the severely downgraded forecasts for the most part, proved optimistic enough for investors that it sent the electric vehicle (EV) maker’s shares surging approximately 15% – almost $30 – within days.

Though there have been widespread opinions from sources such as Jim Cramer and JPMorgan (NYSE: JPM) that, overall, the April stock market correction is not over, Ron Baron – the billionaire investor and founder of the creatively-named Baron Capital – opined in a recent interview that Tesla is now poised for massive gains.

Why Baron thinks Tesla is set for a massive rally

Indeed, according to Baron, Tesla has already seen its 2024 bottom and will ‘go up huge’ in the coming weeks and months.  

While several elements of the earnings call – such as the promise of the ‘Cybercab’ or the ‘Optimus’ robot – have drawn much attention, the billionaire investor believes a far more pragmatic factor is the main driver of the recovery.

In fact, Baron has identified a great degree of uncertainty about whether Tesla gave up on manufacturing low-cost models as the main driver of the Q1 bloodbath and believes that the confirmation they are coming shall play a similarly major role in the recovery.

Judging by Q1 delivery figures for the still-expensive Tesla vehicles, the notion that cheap cars are not only needed but could also make a fortune for Elon Musk’s EV maker appears apt.

TSLA stock price chart

As exemplified by the 14.31% rise in the last full week of trading – and the significant 4.97% climb during the latest full session – the earnings report published on April 23 did much to revitalize Tesla.

TSLA stock 5-day price chart. Source: Google

Still, despite the strong short-term performance, Tesla has a long way to go before reclaiming its start-of-year value, as the fall has been sufficient that the EV maker’s shares are still 31.50% below their January 2 values.

On the other hand, the monthly chart shows just how significant the recovery has already been as it nearly annihilated the 30-day losses, putting TSLA only 4.22% in the red in the time frame.

Finally, the ongoing extended session shows a trend toward stabilization as Tesla stock price today, at press time, stands at $170.50 following a 0.19% overnight climb.

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