Business Insider/Mike Nudelman
- Elon Musk is the new Steve Jobs, according to Wall Street vet Keith Fitz-Gerald.
- Fitz-Gerald said Musk was capable of "incredible transformation," predicting Tesla stock to soar 44%.
- The EV maker has rebounded 95% since the start of the year, despite hefty losses in 2022.
Investors should be bullish on Tesla stock, as Elon Musk is the new Steve Jobs, according to veteran Wall Street trader Keith Fitz-Gerald.
In an interview with CNBC on Friday, Fitz-Gerald compared Musk to the late Apple co-founder, who took the company from a startup to a multibillion dollar tech giant. Fitz-Gerald predicted Tesla stock could soon soar to $300 a share, implying a 44% increase from the current price of $201.63 a share.
"I think this thing is just getting started," Fitz-Gerald said. "Anyone betting against Elon Musk today might as well have been betting against Steve Jobs back in the day. We know how this is going to play out. He unleashes just incredible transformation in every industry he touches. He's not getting stopped anytime soon, he's got enough money to do whatever he wants."
That bullishness comes after a difficult year for Tesla, with the stock notching its worst year ever and losing 65% in 2022, thanks to rising inflation and the Fed's aggressive rate hikes. Investors have also been discouraged by Musk's chaotic $44 billion takeover of Twitter, which analysts say has damaged the reputation of Tesla stock.
But the EV maker has seen a strong rebound this year, bouncing 95% from $108.10 a share at the beginning of January. Those gains have largely been fueled by the company beating earnings expectations and reporting record revenue over the past quarter, as well as recent price cuts on its models in Europe, the US, and China, which is expected to increase vehicle demand.
Still, not everyone holds a favorable view of Elon Musk as an entrepreneur, including Apple's other cofounder, Steve Wozniak. The legendary engineer blasted Musk in a previous interview with CNBC, claiming that Musk wanted to be seen as a "cult leader" and didn't hold up to Steve Jobs' legacy.