Key Takeaways

Tesla ( TSLA ) shares rose Monday as two analysts offered optimistic outlooks for the electric vehicle maker.

Roth Capital Partners upgraded the stock to “buy” from “neutral,” setting a price target of $380—,nearly $300 more than its previous position. In a note to clients, Roth said CEO Elon Musk’s close relationship with President-elect Donald Trump will likely increase demand for Tesla vehicles.

Stifel also significantly lifted its price target, raising it $124 to $411 while maintaining a "buy" rating on the stock. The analysts, led by Stephen Gengaro, also pointed to Tesla’s self-driving technology, as well as its CyberCab robotaxi, according to reports.

Shares of Tesla, recently up more than 3%, recently traded at their highest level in two-and-a-half years, changing hands a bit below $360. Wall Street's average price target is below current levels at near $280, according to Visible Alpha data.

Roth's report noted that it's anticipated Trump will end the $7,500 federal tax credit for EV buyers, which “should indirectly benefit Tesla, as we expect mainline OEM competitors to continue their retreat from the EV market.”

Roth said that it sees Tesla expanding its market share in the U.S., increasing its leadership in artificial intelligence, and benefiting from its position in the commercial robotics field.