Tesla (NASDAQ: TSLA) stock soared to a new record high in December, shortly after President Trump's election win. Investors are betting on friendlier regulations, which could help the company bring its full-self-driving (FSD) software to market much faster than previously expected,

Tesla Inc. TSLA is trading 2.2% higher in pre-market on Thursday following upbeat analyst calls on the stock as well as news over new EV taxes to finance road repairs which could impact its rivals.

The analyst believes that, in the long term, the close ties between TSLA CEO Elon Musk and President Donald Trump will prove to be quite helpful for the automaker.

Tesla stock is gaining ground following a recent report suggesting that the company could be on track to receive a $400 million contract through the U.S. State Department. However, subsequent developments are casting doubt on whether the deal will actually go through. The stock is also getting a boost from bullish analyst coverage.

The average analyst target price is up about $30 in February, moving it to $380 a share, according to FactSet. That’s the highest target ever for Tesla stock.

After a brutal stretch this month that brought the stock's year-to-date decline to more than 30% at one point, Tesla's stock has rallied back above the 100-day moving average, Yahoo Finance data shows.

Tesla stock’s been tumbling over the past couple of months. This writer would like to own some -- but has the price reached his buying level yet? The post Is Tesla stock running out of road? appeared first on The Motley Fool UK.