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Tesla (TSLA) joins S&P 500 today, ‘I bet Tesla has more upside’, says Jim Cramer

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It’s a big day for both Tesla (TSLA) and Dow Jones S&P 500 Index as the largest ever company joins the index today and Tesla reaches a stellar milestone in only 8 years since it introduced its first production car.

The host of CNBC’s Mad Money, previously a Tesla bear converted Tesla bull says “I bet Tesla has more upside,”. In the last month alone, TSLA has gone up by 43% and it has yet to be included in the S&P index.

Morgan Stanley raised its target price for TSLA to $540 and at the time of this writing, it is lurking around $662 after taking an initial dip on the inclusion day.

TSLA stock price as of 21-12-2020 at 10:06 AM GMT-5.
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Tesla has the most loyal investor-base, mostly belonging to the young generation, and Jim Cramer acknowledges that in his praise for Tesla. Recently Bloomberg published the story of Brandon Smith, who started investing in TSLA with just $10,000, slowly adding his savings to the investment over the years, he has now become a millionaire.

Tesla CEO Elon Musk has acknowledged on several occasions that young retail investors better understand Tesla stock and the company rather than the old Wall Street.

Firstly, I am a big believer in the car, the stock, and the man behind it.

Jim Cramer on CNBC Mad Money

Elon Musk was given a target of keeping Tesla’s market cap at or above $100B to be given his ultra-lucrative stock options and pay package. But with the current market cap of $625+B, he and his team has overachieved the goal multi-fold.

Related: S&P 500 inclusion: What it means for Tesla and its investors

Tesla bull and host of the Tesla Daily podcast, Rob Maurer had some useful conversations with Rich Lee, Head of Program & ETF Trading at RW Baird. This discussion sheds light on many aspects of this inclusion and answers several questions arising in the minds of potential TSLA investors.

Update:

Tesla is now TheStreet’s stock of the year, Rob Maurer and Jim Cramer discuss this win on the website’s official YouTube channel. Last year when Ark Invest CEO Cathie Wood said that her firm’s TSLA price target for 2024 is $7,000, most did not believe it. Now if we calculate the pre-stock split price of a Tesla share, it is around $3250, not so far far away from the target.

By Iqtidar Ali

Iqtidar has been writing about Tesla, Elon Musk, and EVs for more than 3 years on XAutoWorld.com, many of his articles have been republished on CleanTechnica and InsideEVs, maintains a healthy relationship with the Tesla community across the Social Media sphere. You can reach him on Twitter @IqtidarAlii