But, he does seem to have a sense of humor on what could be possible at the electric car maker. Here is Johnson's ultimate best-case scenario on Tesla's valuation:
"Our last probability adopts the same financials as 'blue pill auto' mentioned above, but we kick the auto multiple up to 60x, to reflect upside opportunity from other businesses (whether it be Mobility, Tesla Semi, further upside from Energy, or...vehicles on Mars???). The present value per share in this scenario would be a rather lofty $1,819 - or 5x the current price of the stock. And while we assign it only a 2% probability, given each 1% probability is worth $18 of present value for the stock, 2% is enough for $36 of present value - or 17% of our revised price target."
Dogs will fly by then, too.