Tesla Stocks rose 8% on Monday, continuing to enjoy a post-election rally as President-elect Trump, closely aligned with CEO Elon Musk, begins to set up his presidential cabinet.

Wedbush analysts reiterated their ‘outperform’ rating on the stock, joining earlier sunny outlooks in response to Tuesday’s results. Tesla recently reclaimed its $1 trillion market cap after surging nearly 30% last week.

“We are raising our price target on Tesla from $300 to $400 as we believe Trump’s victory in the White House will be a game changer for the autonomous and AI story for Tesla and Musk in the coming years,” the Wedbush analysts wrote.

Musk’s wealth soared above $300 billion in the days since Trump’s decisive election victory, further cementing his position as the world’s richest man and joining the wave of gains in the tech and crypto sectors since the trade started after the elections.

It is unclear whether Musk, who has spent at least $130 million on Trump’s campaign, will gain an official title in Trump’s second White House or influence policy decisions from his inner circle.

Either way, Musk can potentially make billions from new government contracts with his companies, on top of the $19 billion SpaceX has already awarded. Some or all of the 19 known pending federal lawsuits and investigations into his companies may be beginning to fully conclude.

“It is difficult to assess how Elon Musk’s increasingly close public relationship with President Trump could benefit Tesla, but this should be closely monitored,” Bank of America analysts wrote in a note last week, citing increased their TSLA price target from $265 to $350. .

Trump has previously said he could cut the $7,500 federal electric vehicle tax credit, and those credits have historically helped boost sales of Tesla vehicles.

At one of his final campaign rallies, Trump suggested Musk could be put in charge of “government efficiency,” and was present for Trump’s phone call with Ukrainian President Volodymyr Zelensky two days ago.

— CNBC’s Michael Bloom, Annie Palmer and Lora Kolodny contributed reporting.