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Commerce Secretary Howard Luntick made a direct public recommendation on Wednesday that Americans should buy shares of Tesla (TSLA-0.78%), the company run by Elon Musk.
“I think if you want to learn something on this show tonight, buy Tesla. It’s unbelievable that this guy’s stock is this cheap. It’ll never be this cheap again,” Lutnick said in a Wednesday interview on Fox News (FOXA+0.46%)’ “Jesse Watters Primetime.”
Before joining the Trump administration, Lutnick had led investment giant Cantor Fitzgerald for decades, accumulating a net worth of some $2.2 billion, according to Bloomberg News. Most of his wealth comes from his holdings tied to Cantor Fitzgerald, which added Tesla stock to its portfolio a few years ago.
Although he agreed to divest his business interests in the bank within 90 days of his confirmation to lead the Commerce Department, Lutnick’s sons Kyle and Brandon have been given top roles at the bank. Earlier on Wednesday morning, the bank also upgraded its rating for Tesla stock.
Cantor Fitzgerald changed its rating to overweight from neutral and maintained a $425 price target, following a visit to Tesla’s artificial intelligence data center and production line in Texas. Analyst Andres Sheppard cited several factors that give Cantor confidence in the company, including plans for autonomous rideshare services and humanoid robots.
“The recent selloff represents an attractive entry point for investors,” Sheppard wrote, warning that first-quarter sales will likely take a hit from anti-Musk protests.
Tesla stock has fallen about 35% so far this year, as the company faces backlash over Musk’s role leading the controversial Department of Government Efficiency (DOGE). Musk has become an easy target for protestors thanks to his status as the biggest spender of the 2024 presidential election, as well as DOGE’s role in pushing layoffs and other cost-cutting actions.
Tesla has borne the brunt of that outrage as protestors across the world, primarily in the U.S. and Canada, protest against Musk. Projections for its first quarter sales have taken a hit and a major auto show has removed Tesla from its lineup to avoid protests.
Although the groups behind the most popular protests emphasize nonviolent action, vandalism against Tesla property has ramped up. Tesla electric vehicles and dealerships have been vandalized across the U.S., while a new website claims to expose the personal information of anyone who currently owns a Tesla.
“If today’s the bottom or not, I can tell you what — Elon Musk is probably the best person to bet on,” Lutnick said.
He joins other top Republicans in defending or advocating for Musk as the protests continue. Congressional Republicans, including Rep. Marjorie Taylor Greene of Georgia — a Tesla stockholder who bought thousands of dollars worth of shares last month — have called for the Justice Department to investigate the attacks.
Attorney General Pam Bondi on Tuesday said it had charged several people allegedly behind attacks on Tesla with charges that bring a five-year minimum sentence and will investigate “those operating behind the scenes to coordinate and fund these crimes.”
President Donald Trump, speaking from an event showing off Teslas on the White House lawn, promised that violent anti-Tesla protesters are “going to go through hell.” He also bought a red Model S, said he purchased a Cybertruck, and recommended his supporters to also buy a Tesla electric car.