Tesla Inc.’s stock shed early gains Tuesday that came on expectations that Chief Executive Elon Musk’s close relationship with the new administration will help the electric-vehicle maker, with sentiment further buoyed by a bullish note from Piper Sandler.

Key Takeaways Tesla remains the “top buy-and-hold” stock for analysts at Piper Sandler.The potential upside for the EV maker's “will ultimately depend on new-age opportunities,” such as the Optimus humanoid robot,