In a surprising twist, Tesla (TSLA) shares surged on Wednesday, as investors latched onto positive remarks from CEO Elon Musk during Tuesday's earnings call, overshadowing the company's lackluster first-quarter financial results.

Despite a staggering 20% drop in automotive revenue year-over-year due to backlash from Musk's political affiliations, the market reacted positively. Investors seem to be hopeful as Musk announced a pivot in his priorities, planning to scale back his government engagements next month. The CEO also reaffirmed ambitious initiatives for a more affordable Tesla model and advancements in fully autonomous driving technology.

Adding fuel to the fire, Dan Ives, a respected analyst at Wedbush, raised his price target for Tesla shares from $315 to an optimistic $350, labeling the earnings call as pivotal for Musk as he attempts to navigate the company away from recent turmoil. Other major firms have also voiced their confidence in Tesla's potential, with Morgan Stanley, Deutsche Bank, and Bank of America sticking to their price targets of $410, $345, and $305, respectively.

The question remains: can Tesla maintain this momentum and restore investor confidence after this rocky performance? With Musk's renewed focus and strategic plans for the future, many are eager to see what the next quarter will bring for the electric vehicle giant.