Tesla Soars to $420: A Milestone for the Electric Vehicle Leader TSLA shares hit $420 on Wednesday, generating buzz on social media and drawing a response from Elon Musk. This milestone marks a remarkable period for the electric vehicle manufacturer in 2023, characterized by strong stock performance.

Elon Musk’s Prophetic Tweet: Musk celebrated the occasion by sharing on X (formerly Twitter), stating, “As foretold in the prophecy,” alongside a screenshot of Tesla’s stock price.

Investor Ross Gerber, CEO of Gerber Kawasaki Wealth and Investment Management, also joined in the conversation on X with a straightforward “420.”

Gary Black, managing partner at Future Fund LLC, took the opportunity to share his thoughts as well, posting a screenshot of the stock price graph and commenting, “I see what you did there. $tsla.”

Background: The $420 Threshold: This is the first occasion since Tesla’s stock split in August 2022 that the price has crossed the $420 mark. The company has a history tied to this figure: in 2018, Musk suggested taking Tesla private at $420 per share, leading to significant discussions in the financial world.

The stock has fluctuated around this significant number multiple times since then, especially after a jury found Musk not liable for misleading investors connected to his “funding secured” claim.

A Strong Start to 2023: Tesla’s shares have surged by 70.99% this year. Alongside this, Musk’s influence has extended beyond Tesla; he has been appointed co-leader of the Department of Government Efficiency by President-elect Donald Trump, aiming to save $2 trillion in government spending.

Analysts’ Outlook: According to analysts at Morgan Stanley, Tesla is their top stock pick for 2025. This positive outlook is further supported by Gene Munster from Deepwater Asset Management, who attributed the growth to Tesla’s innovations in autonomy and robotics.

Strength in the Chinese market has also contributed to Tesla’s rising position, especially with the Model Y performing well in sales.

Recent Trading Activity: On Wednesday, Tesla shares ended the trading day with a 5.93% increase, closing at $424.77. In after-hours trading, the stock gained an additional 0.89%, reaching $428.57 according to Benzinga Pro data.

Currently, analysts have a consensus “hold” rating for Tesla stock. Stifel has the most optimistic price target at $411 by December 2, while other estimates from Goldman Sachs, Cantor Fitzgerald, and Morgan Stanley average around $370, indicating a potential downside of 13.67%.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.