Tesla (TSLA) stock surged to a three-year high Tuesday after Morgan Stanley analyst Adam Jonas increased his price target for the automaker to $400 from $310 and affirmed it as his "Top Pick."

Shares of the 澳洲幸运5官方开奖结果体彩网:electric vehicle (EV) company advanced more than 3% in recent trading to above $406. They earlier hit $409.72, their highest level since Nov. 5, 2021, a day aft💎er they set an all-time intraday record of $414.50.

Wall Street's average target is closer to $290, according to Visible Alpha data, with the new Morgan Stanley target among the highest the site tracks.

Tesla Stock Gains Have Followed Election

The 澳洲幸运5官方开奖结果体彩网:Elon Musk-led company's shares are up about 65% this year—but all of the gains have 澳洲幸运5官方开奖结果体彩网:come since Election Day. Musk, Tesla's chief executive officer, is an outspoken backer of Donald Trump and recently was chosen by the president-elect to co-lead the newly proposed 澳洲幸运𝓰5官方开奖结果体彩网:Department of Government Efficiency (DOGE).

Trump has vowed to 澳洲幸运5官方开奖结果体彩网:roll back ve♔hicle emissions standards and halt other government support for EVs. Some analysts believe Tesla could benefit if the new administration ends the Biden-era $7,500 EV tax credit given its longer history of making profitable EVs, but Trump's pro-tariff stance 澳洲幸运5官方开奖结果体彩网:may hit the company's China sales.

"Elon Musk's entry into the political sphere has expanded investor thinking around Tesla's fundamental outlook," Jonas wrote Tuesday.