Research firm expects Tesla stock to rise 30%‎

The American research company, Wolfe Research, expected the shares of the electric car maker “Tesla” to rise by about 30%, considering that it is the biggest beneficiary of the inflation-reduction law.

Meanwhile, the research firm upgraded Tesla’s stock and raised its target price, with Wolfe joining a list of other research firms optimistic about electric car makers.

US President Joe Biden signed the Inflation Control Act last month. While the law has many provisions, it also contains several measures to increase the adoption of electric vehicles in the United States. Previously, electric vehicle buyers in the United States received a federal tax credit of up to $7,500.

Wolfe Research upgraded shares of Tesla to buy and raised its earnings estimates.

It is noteworthy that Tesla is more integrated than most automakers. It manufactures many components and works to secure the supply of critical battery minerals.