08:10 AM EDT, 06/13/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We raise our 12-month target by $20 to $230, based on a '25 P/E of 60x, justified by long-term growth expectations. TSLA shares are trading higher in the pre-market after CEO Elon Musk posted on X that the reapproval of his 2018 pay package and its corporate relocation to Texas from Delaware were passing "by wide margins." We consider this good news for TSLA investors and attribute the success of the proposals to the overwhelming support of TSLA's large retail investor base, who collectively own ~40% of the shares, combined with a portion of its fragmented institutional investor base (only two funds own more than 4%) where support was more divided. If approved later today, we think it would lift a major near-term overhang on the stock, as investors send a strong message of "staying the course." In our view, Musk has delivered for shareholders over the past 5-6 years, meeting the lofty thresholds of his entirely incentive-based compensation plan and there's little reason to doubt this won't continue.