Tesla Will Get Back To $300 'A Lot Quicker Than People Think,' Analyst Says; Betting Against Musk Is Like Betting Against Steve Jobs - Tesla (NASDAQ:TSLA)

Tesla Will Get Back To $300 ‘A Lot Quicker Than People Think,’ Analyst Says; Betting Against Musk Is Like Betting Against Steve Jobs – Tesla (NASDAQ:TSLA)

Tesla, Inc. TSLA and its famous CEO Elon Musk has a cult following and most supporters continue to trust the EV maker’s stock despite its lean race in 2022.

Musk is the new profession: Tesla’s story is just beginning, said Keith Fitz-Gerald, Principal at Fitz-Gerald Group in an interview with CNBC’s “The Exchange.”

“Anyone betting against Elon Musk might as well [have] bet against Steve Jobs at the time,” the Wall Street analyst said.

“We know how it’s going to play out. He’s sparking incredible transformation in every industry he touches. He won’t be stopped anytime soon, he’s got enough money to do what he wants, he’s got a vision clear,” Fitz-Gerald said.

“I think so [Tesla Stock] goes back to $300 much faster than people think.

Tesla has rebounded around 60% in just 28 sessions of 2023. After breaking through the $200 mark and stabilizing at $207.32 on Thursday, the stock fell with the broader market on Friday, led by the inflation fears.

On Friday, the stock ended at $196.89, down 5.03%, according to Benzinga Pro data.

The trader’s $300 price target suggests the upside potential is 54%.

See also: Everything you need to know about Tesla stock

When asked why not take profits now or when the stock hits $250 or $280, Fitz-Gerald said it depends on a person’s risk tolerance and profit goals.

“I’m a big fan of when you have a double, take out half of it and let the remaining shares run free. Now that you’ve paid your initial investment, you’re still in the game and can continue to add more later if you wish,” he said.

Why it matters: The same sentiment regarding Musk and Jobs was expressed by Apple co-founder Steve Wozniak in a separate CNBC interview this week.

“I put them in the category of having the ability to communicate and wanting to be seen as the important person and to be like a cult leader,” Wozniak said, comparing the two tech titans.

Read next: Tesla Stock’s gravity-defying race stalls, Ford’s battery factory rumors, Canoo and Faraday Future Line Up funds, and more.

Photo: Shutterstock

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