"The Model 3 is important, but what's more important is this bigger shift. Every Tesla that is shipping today is going to be fully autonomous in what Tesla is saying two years," Munster said.
Munster also noted the opportunity to bet against auto parts retailer suppliers O'Reilly Automotive (ORLY - Get Report) , Autozone Inc (AZO) and Advance Auto Parts (AAP - Get Report) who have "an old way of doing things."
Tesla's shares rose 2.1% to $368.31 on Monday morning.
What's Hot On TheStreet
A VIP gives his market outlook: Nobel Prize winning-economist Robert Shiller told TheStreet's Anders Keitz that U.S. equities markets are "quite high" currently but may go even higher in coming months, and that's why he's not exiting the market completely. Indeed there's another thing that could have an unpredictable effect on the market Shiller explains: The narrative around Donald Trump.
"Short-run forecasting of the market is very hard," said Shiller. "I think it's a time for caution, but it could go up substantially."
Apple iPhone 8 pictures leak: Apple's (AAPL - Get Report) iPhone 8 looks kind of cool. That is if yet another photo leak is to be believed. Noted Apple information leaker Benjamin Geskin tweeted photos of an alleged iPhone 8 finished prototype on Thursday evening (head here to see). Suffice it to say, Apple is gearing up for the mother of all product launches. And consumers look ready to respond.
About 92% of iPhone owners say they are "somewhat likely or "extremely likely" to upgrade their smartphone in the next 12 months, according to a note from Morgan Stanley. The loyalty rate is up sharply from 86% one year ago.
Editors' pick: Originally published June 30.
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