Tesla (TSLA) shares traded at a fresh all-time high Monday after Wedbush again raised its price target, arguing the electric vehicle (EV) maker's self-driving car and artificial intelligence (AI) efforts will get a boost from the new Trump administration.

Wedbush lifted its price target to $515 from $400, and gave a "bull case" scenario of $650 next year. The move came about a month after Wedbush initially increased its price target to $400 from $300 for similar reasons.

Wedbush Says Trump Administration Will Be 'Total Game Changer' for Tesla

The analysts wrote in a note to clients that the "Trump White House the next 4 years will be a 'total game changer' for the autonomous and AI story for Tesla and (CEO Elon) Musk over the coming years."

They estimate that the full self-driving (FSD) and AI opportunity is worth at least $1 trillion alone, and they "fully expect" that the Trump administration will fast-track these initiatives "as the federal regulatory spiderweb that Musk & Co. have encountered over the past few years around FSD/autonomous clears significantly under a new Trump era."

The analysts argued that Tesla could have a $2 trillion market cap by the end of 2025 as the self-driving vision takes shape, and because of an expected jump in deliveries of EVs in China.

Wedbush maintained an "outperform" rating on the stock.

Shares of Tesla recently were up 1% to $440.67 after touching a record $447.41 soon after markets opened. They have added more than three-quarters of their value this year.