(NASDAQ: TSLA) stock is climbing in Thursday's trading. The electric vehicle (EV) company's share price was up 3.7% as of 2:30 p.m. ET.

Tesla stock is gaining ground today following bullish coverage from Bank of America analyst John Murphy. The analyst raised the bank's one-year price target on the stock from $350 per share to $400 per share, which suggests additional pricing upside of roughly 8.5% as of this writing.

Before the market opened this morning, Murphy published a note reiterating a buy rating on Tesla and raising his one-year price target on the stock from $350 per share to $400 per share. Murphy's buy rating and price target increase comes on the heels of a recent tour of Tesla's Texas Gigafactory and meetings with investor relations officials. Murphy thinks Tesla has a strong outlook heading into 2025 and that its robataxi launch, robotics projects, full self-driving software, and margin improvements for the core business could be positive catalysts for the stock.

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Source Fool.com