- Elon Musk is the new Steve Jobs, according to Wall Street vet Keith Fitz-Gerald.
- Fitz-Gerald said Musk was capable of “incredible change”, predicting Tesla stock to climb 44%.
- The EV maker has rebounded 95% since the beginning of the year, despite heavy losses in 2022.
According to veteran Wall Street trader Keith Fitz-Gerald, investors should be bullish on Tesla stock because Elon Musk is the new Steve Jobs.
In an interview with CNBC on Friday, Fitz-Gerald compared Musk to the late Apple co-founder who took the company from startup to multibillion dollar tech giant. Fitz-Gerald predicted that Tesla’s stock could soon rise to $300 per share, meaning a 44% increase from the current price of $201.63 per share.
“I think this thing is just getting started,” Fitz-Gerald said. “Anyone betting against Elon Musk today can be betting against Steve Jobs back in the day. We know how this is going to play out. He brings about incredible change in every industry he touches. He will soon He’s never going to be stopped, he’s got enough money to do whatever he wants.”
The rally comes after a rough year for Tesla, with the stock marking its worst year ever and down 65% in 2022, due to rising inflation and the Fed’s aggressive rate hikes. Investors have also been discouraged by Musk’s chaotic $44 billion acquisition of Twitter, which analysts say damaged Tesla stock’s reputation.
But the EV maker has seen a strong rebound this year, jumping 95% from $108.10 a share in early January. The company is expected to boost demand for the vehicle on the back of anticipating earnings and reporting record revenue in the last quarter, as well as recent price cuts on its models in Europe, the US and China.
Still, not everyone has a favorable view of Elon Musk as an entrepreneur, including Apple’s other co-founder, Steve Wozniak. The veteran engineer criticized Musk in a previous interview with CNBC, claiming that Musk wanted to be seen as a “cult leader” and did not believe in Steve Jobs’ legacy.
Source: markets.businessinsider.com
