Well-known tech analyst Dan Ives of Wedbush Securities recently raised his price target on TSLA stock, CNBC reported.

But Joe Terranova, the Senior Managing Director and Chief Market Strategist for Virtus Investment Partners, indicated that there is a very high chance of Elon Musk's firm being ejected soon from his Virtus Terranova U.S. Quality Momentum ETF (JOET).

Ives' Upbeat Comments on TSLA Stock

In the wake of Elon Musk's recent commitment to focus more on TSLA soon, Ives raised his price target on the shares to $350 from $315. Some of the damage that Musk has done to Tesla's brand in Europe and the U.S. will never ease, Ives acknowledged.

But he added that "Musk recommitting as CEO is basically the best news that Tesla investors could have heard" from the CEO.

Terranova Strongly Suggests That TSLA Will Be Booted From His ETF

In order for Tesla to remain in JOET after the ETF is rebalanced, "there would have to be a dramatic bounce" by TSLA stock in the next few trading days, Terranova said.  He noted that the ETF will be rebaalanced on April 30.

Terranova added that his ETF "prioritizes revenue growth" while Tesla's "revenue growth is flatlining." Finally, the strategist stated that Elon Musk's firm is "fundamentally challenged."

While we acknowledge the potential of TSLA, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than TSLA but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires

Disclosure: None. This article is originally published at Insider Monkey.