Tesla stock (TSLA) is back on the rise this month, up over 20% in the last 30 days.…

Tesla stock (TSLA) is back on the rise this month, up over 20% in the last 30 days. Analysts are bullish, suggesting the stock has the potential to keep climbing. Currently trading at 349.91, Wedbush reiterated TSLA stock as “Outperform,” forecasting a climb towards $500 as the next step.

Wedbush analysts indeed forecast Musk to play a pivotal role in the rise of Tesla stock towards a new all-time high. Elon Musk’s work with the Department of Government Efficiency worried investors about Tesla’s future, sending the company’s stock down. However, after Musk announced that he plans to be “super focused” on his businesses and return to “spending 24/7 at work,” the stock surged.

“In another clear positive step for Tesla bulls, Elon Musk officially left the Trump White House last night … which is music to the ears of Tesla shareholders with Musk now laser-focused on Tesla and the autonomous vision ahead,” Wedbush analysts said this past week. Analysts on Wall Street currently have a consensus “Buy” rating on Tesla (TSLA), with the average price target of $306 implying a 15% upside. However, Wedbush sees a world where Elon’s impact is so strong, Tesla rebounds to a new high of $500.

Tesla Robotaxi: Another Catalyst Towards $500?

Also Read: Tesla (TSLA) Robotaxi Launches June 12; Stock Eyes 25% Gain to $300

Furthermore, Elon Musk has long heralded the potential of the Tesla Robotaxi. The autonomous driving product is set to revolutionize transportation if it lives up to the company’s billing. That has always been the concern with the firm: overpromising and underdelivering. Still, the Robotaxi has officially planned a critical June 12th launch date.

The launch should bring investors tangible evidence that the product is nearing a worldwide launch. When that happens, it should unlock unparalleled opportunities for its stock value, likely sending it towards that $500 mark.

Musk has already promised that the Robotaxi will unlock $1 trillion in market value. That number, although optimistic, could be very true. Its arrival will fulfill Tesla’s transformation from EV manufacturer to full-blown robotics firm. Moreover, that transition could see its value as a tech firm jump even higher.