12:35 AM EDT, 06/14/2024 (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 maintain a 12-month target of $230, based on a '25 P/E of 60x, justified by long-term growth expectations. Confirming various reports over the past couple of days, Tesla shareholders voted to reapprove Musk's 2018 compensation plan and to move the company's state of incorporation to Texas at the company's annual meeting on Thursday afternoon. The news lifts a major overhang on the shares, although we wouldn't be surprised by a "sell the news" reaction on Friday following big gains over the past two trading sessions as the outcome became clearer. We think the news takes a potentially disastrous scenario off the table, in which Musk could have potentially left Tesla, triggering a possible "brain drain" of top talent, which would have massive implications for the future of the company (and TSLA's stock price). While the Delaware legal battle is far from over, we now expect investor focus to return to the Cybertruck ramp-up, FSD improvement, development of its Next Gen vehicle, and robotics innovation.