Tesla Stock (TSLA) Surges 11%—Rockets Toward Sixth Consecutive Winning Day

Tesla bulls are back in the driver's seat as TSLA shares accelerate into a blistering 11% rally—flirting with a rare six-day winning streak.

Wall Street's favorite volatility play proves once again that fundamentals are optional when you've got Elon's tweet finger and retail traders chasing momentum. The EV giant's stock now burns rubber past skeptical analysts who've underestimated Tesla's cult-like market hypnosis.

Can the rally sustain? History says buckle up—Tesla's price action has more mood swings than a crypto altcoin. But for now, the bears are getting run over.

Analysts Split on Tesla Stock Future

Furthermore, Fundstrat analyst Mark Newton wrote recently that a close above $338 WOULD be a bullish technical sign for the stock. Tesla stock closed above $338 on Monday for the first time since late June. Coming into Wednesday trading, Tesla stock was down about 16% so far this year, but up about 64% over the past 12 months.

Other analysts are split on Tesla’s valuation; targets range from $276 to $410. The highest stock price target sits at $410 from Morgan Stanley. On the other hand, the lowest forecast comes in at $276 from KGI Securities. The current market price for Tesla (TSLA) stock is $340.84. However, most projections are that Tesla will continue to outperform expectations for the remainder of August.

Meanwhile, Elon Musk’s legal threats against Apple and the ongoing shareholder lawsuit could detract from Tesla’s focus, raising concerns about the company’s strategic direction. This has played a part in Tesla stock’s success before, with Musk’s venture into politics sending TSLA falling in share price earlier this year.