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Tesla Inc (NASDAQ:TSLA) and its CEO Elon Musk may influence the fate of the markets in 2021, Deutsche Bank strategist Jim Reid said in a note Tuesday, as reported by MarketWatch.
What Happened: The analyst called Tesla “the most remarkable market story” of a “remarkable 2020.”
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“Given its colossal size and that of the tech sector, their paths in 2021 will probably be a big macro driver of markets," Reid wrote, as per MarketWatch. "Investors in all asset classes might have to assess whether valuations are justified and sustainable.”
Tesla shares have risen 657% on a year-to-date basis. The automaker is due to be included in the S&P 500 index, which has gained 14.36% in the same period.
Why It Matters: Reid noted that the increase in Tesla’s valuation in 2020 and said “is now larger than the next five largest global auto companies combined.”
See Also: Tesla's Valuation Is Greater Than Nearly The Entire Established Auto Industry
Tesla’s dizzying valuation has left analysts divided. While some have pointed to potential headwinds, others see a possible upside to the stock.
On Tuesday, GLJ Research’s Gordon Johnson said the automaker’s shares might plummet down to $60 levels next year as he drew a parallel with cannabis stock Tilray Inc (NASDAQ:TLRY).
Price Action: Tesla shares closed nearly 1% lower at $633.25 on Tuesday and fell 0.92% in the after-hours session.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.