Tesla shares moved higher in early Thursday trading, but remained mired in a weeks-long slump, as a top Wall Street analysts suggests the recent bearish moves belie what is still a compelling near-term story for the world's biggest EV maker.

Stifel analysts lowered their price target for Tesla stock in response to “the negative downturn in consumers' perception of Elon Musk,” whose role with DOGE has riled some.

Elon Musk has long railed against the U.S. government, saying a crushing number of federal probes and safety programs have stymied Tesla, his electric car company, and its efforts to create fleets of robotaxis and other self-driving automobiles.