The U.S. presidential election is here, and a second Trump victory could bring massive changes. During his speech at former President Donald Trump's Madison Square Garden rally last week, Tesla and SpaceX CEO Elon Musk said he would want to cut $2 trillion from the federal budget . This comes as the Republican nominee and former president has promised to appoint Musk as the head of a government efficiency commission, if elected.
To date, a majority of Wall Street is still bullish on the name, with 17 of the 30 analysts covering it having a strong buy or buy rating, per LSEG. Its average price target of $183.58 reflects more than 18% upside from Monday's close. In the defense space, Lockheed Martin could also take a hit with a Trump victory. The company was the top recipient of defense contracts from the Department of Defense in fiscal 2023, being awarded $61.4 billion in defense spending.