A Tesla (TSLA) shareholder vote approving CEO Elon Musk's enormous pay package has sparked renewed enthusiasm in the EV maker as it branches out from just an automotive company, branching out into AI, robotics, and energy.
Summit Global Investments CIO Dave Harden calls Musk's compensation package "excessive" and is bearish on the stock at this time.
"I wouldn't buy Tesla at this time. Elon Musk is an outspoken leader, and I think that there's going to be much more chatter and much more opportunity to get in when you can see clearly that the growth is going to happen. So the major growth is behind us. We know that, that's very clear, but I think you're going to hear more about that in the future," Harden tells Yahoo Finance, adding: "So if you're a managed risk investor I would probably hold off on this investment. If you're a growth investor, I would also probably hold on."
Yahoo Finance spoke with analysts and Wall Street experts who are expressing renewed bullishness on Tesla stock, including Wedbush's Dan Ives — whose latest call sees Tesla's market cap reaching over $1 trillion in 2025 — and Ark Invest (ARKK) Founder, CEO, and CIO Cathie Wood, who believes the stock price could reach $2,600 by 2029.
Also, Clean Energy Transition CEO and Portfolio Manager Per Lekander — a long-time short-seller of the stock — explained his latest price target on Tesla shares: $15.
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This post was written by Luke Carberry Mogan.
Catch up on Yahoo Finance's coverage of all things Tesla, Elon Musk, and his pay package saga:
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Don't bet against Elon Musk: Dan Ives talks $1T Tesla call
Elon Musk wins Tesla shareholder battle to keep his record-breaking pay
Elon Musk has been integral to Tesla's growth, AI: Cathie Wood